Mongolia

Tax credits for education

For a citizen of Mongolia whose birth, step, adopted, or guardian child is studying in a local or foreign university, college, or vocational school, a tax credit shall be entitled equal to the tuition payments paid for the first bachelor degree or the diploma education study within a tax year, provided it is supported by documents.

For a citizen of Mongolia who is a student and paid the tax from employment income earned while studying for the first time in a university, college, or vocational school and paid the tuition payment, a tax credit shall be entitled equal to the tuition payments paid for the first bachelor’s degree or the diploma education study within a tax year, provided it is supported by documents.

Tax credits for growing certain products

Tax imposed on income earned by a resident of Mongolia who produces or grows the following products should be subject to a 50% tax credit:

• Cereals.
• Potatoes and vegetables.
• Fruits.
• Fodder plants.
• Tree seedlings.

Tax credits for first-time home buyers

For a citizen of Mongolia who purchases a residential apartment for the first time using the mortgage-backed loan, a tax credit equal to the payment difference between the maximum mortgage-backed loan rate defined by the government of Mongolia and the discounted mortgage-backed loan rate shall be entitled.

For a citizen of Mongolia who constructs a residential house or purchases a residential apartment at the first time only for personal residency purposes financed by one's own taxed income or loan obtained from banks and financial institutions, a tax credit shall be entitled to the taxable income equal to the amount spent for such purchase or construction, and this tax credit shall not exceed MNT 6 million.

Tax credits for renewable energy equipment

For a taxpayer who purchased solar, wind, geothermal, and other renewable energy equipment, equipment to produce coking coal from the coal and producing gas and liquid fuel, a furnace and a low-pressure furnace, an insulation material, and an electric and gas heater, and the purchase is supported by documents, a tax credit shall be entitled for the tax year.

Tax credits for donation to protect heritage

If a taxpayer made donation for protecting and recovering cultural heritage and it is supported by documents, a tax credit shall be entitled for the tax year.