Mongolia
Overview
Last reviewed - 04 December 2023Mongolia, a landlocked country in Asia, is bordered by Russia to the north and China to the south, east, and west. It won its independence in 1921. Following the break-up of the socialist regime, Mongolia established a parliamentary democracy; and 20 years later, this remains one of just a few in Asia. Mongolia is divided into 21 provinces, with Ulaanbaatar as the capital. The official language of Mongolia is Mongolian, and the currency is the Mongolian tugrik (MNT).
Economic activity in Mongolia has traditionally been based on agriculture. Mongolia's extensive mineral deposits have attracted foreign investors in the booming years following 2010. The country holds copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten deposits.
Despite the commodity price surge favourably reflecting Mongolia’s exports, China’s further containment measures are resulting in a slow growth for the Mongolian economy, where exports of goods and services to China makes up 82.6% of the total.
Over the medium-term, economic growth is expected to reach 6.0% in 2023 through 2025, supported by Oyu Tolgoi’s underground operation commencing during H2 2023 and the New Revival Policy implementations of Port, Energy, and Industrial Revival strategies.
PwC Mongolia supports clients in all sectors of the economy, including energy, financial services, consumer and industrial products, telecommunications, and services, with the local knowledge and skills of its people and with access to a broad range of other professionals across the PwC global network of firms.
Quick rates and dates
Corporate income tax (CIT) rates | |
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Headline CIT rate (%) |
25 |
Corporate income tax (CIT) due dates | |
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CIT return due date |
Quarterly/semi-annually (depending on income) by the 20th day of the month following the end of respective period and annually by 10 February of the following year. |
CIT final payment due date |
Quarterly/semi-annually (depending on income) by the 20th day of the month following the end of respective period and annually by 10 February of the following year. |
CIT estimated payment due dates |
Tax is paid in advance by the 25th day of each month. |
Personal income tax (PIT) rates | |
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Headline PIT rate (%) |
Residents: 20; Non-residents: 20 |
Personal income tax (PIT) due dates | |
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PIT return due date |
The tax agent (i.e. employer) filing: Quarterly return by the 20th day of the month following the end of each quarter and annual return by 15 February of the following year. Individuals: Annual return by 15 February of the following year. |
PIT final payment due date |
The tax agent (i.e. employer) should transfer the tax withheld from a taxpayer’s income to the budget by the tenth day of the following month. Individuals: Annual payment by 15 February of the following year. |
PIT estimated payment due dates |
The tax agent (i.e. employer) should transfer the tax withheld from a taxpayer’s income to the budget by the tenth day of the following month. |
Value-added tax (VAT) rates | |
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Standard VAT rate (%) |
10 |
Withholding tax (WHT) rates | |
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WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 10 / 10 / 10; Non-resident: 20 / 20 / 20 |
Capital gains tax (CGT) rates | |
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Headline corporate capital gains tax rate (%) |
See Mongolia's corporate tax summary for capital gain rates. |
Headline individual capital gains tax rate (%) |
See Mongolia's individual tax summary for capital gain rates. |
Net wealth/worth tax rates | |
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Headline net wealth/worth tax rate (%) |
NA |
Inheritance and gift tax rates | |
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Headline inheritance tax rate (%) |
NA |
Headline gift tax rate (%) |
NA |