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Mongolia
Overview
Last reviewed - 24 July 2024Mongolia, a landlocked country in north-central Asia, is bordered by China and Russia. The country is known for its vast, rugged expanses and nomadic culture. The country is a vibrant democracy and has experienced remarkable economic growth, tripling its gross domestic product per capita in real terms over the past 30 years. With a young and highly literate population and abundant natural resources, Mongolia holds tremendous economic growth potential. The nation is divided into 21 provinces, with Ulaanbaatar as its capital. The official language is Mongolian, and the national currency is the Mongolian tugrik (MNT).
Historically, Mongolia's economy was primarily based on agriculture. Today, it is rich in mineral resources and is recognised by the International Monetary Fund (IMF) as one of 29 resource-rich developing countries. The principal reserves mined in Mongolia include coal, copper, and gold. The mining sector is expected to grow further, driven by rising commodity prices, foreign investment, and Mongolia’s strategic proximity to China, a major global consumer of mining products.
Looking ahead, Mongolia's economic growth is projected to reach 6.2% in 2024, supported by the commencement of underground operations at the Oyu Tolgoi mine in the second half of 2023 and the implementation of the New Revival Policy, which includes strategies for Port, Energy, and Industrial Revival.
PwC Mongolia offers comprehensive support to clients across various sectors, including energy, financial services, consumer and industrial products, telecommunications, and services. Leveraging local expertise and access to a wide network of professionals within PwC’s global organisation, PwC Mongolia delivers tailored solutions to meet diverse business needs.
Quick rates and dates
| Corporate income tax (CIT) rates | |
|---|---|
| Headline CIT rate (%) |
25 |
| Corporate income tax (CIT) due dates | |
|---|---|
| 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 the 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 | |
|---|---|
| Headline PIT rate (%) |
Residents: 20; Non-residents: 20 |
| Personal income tax (PIT) due dates | |
|---|---|
| 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 | |
|---|---|
| Standard VAT rate (%) |
10 |
| Withholding tax (WHT) rates | |
|---|---|
| WHT rates (%) (Dividends/Interest/Royalties) |
Resident: 10 / 10 / 10; Non-resident: 20 / 20 / 20 |
| Capital gains tax (CGT) rates | |
|---|---|
| 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 | |
|---|---|
| Headline net wealth/worth tax rate (%) |
NA |
| Inheritance and gift tax rates | |
|---|---|
| Headline inheritance tax rate (%) |
NA |
| Headline gift tax rate (%) |
NA |
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