Individual - Other tax credits and incentivesLast reviewed - 31 January 2023
Tax credits for education
For a citizen of Mongolia whose birth, step, adopted child or a guarding child studying in a local or a foreign university, a college or a vocational school, a tax credit shall be entitled to the taxable income equal to the tuition payments paid for the first bachelor degree or the diploma education study within a tax year, provided its 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, a college, and a vocational school and paid the tuition payment, a tax credit shall be entitled to the taxable income equal to the tuition payments paid for the first bachelor’s degree or the diploma education study within a tax year, provided its 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:
- Potatoes and vegetables.
- 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 his own taxed income or loan obtained from bank 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 6 million MNT.
Tax credits for renewable energy equipment
For a taxpayer who purchased a solar, wind, geothermal, and other renewable energy equipment, an equipment to produce coking coal from the coal and producing gas and liquid fuel, a furnace and a low pressure furnace, an insulation material, an electric and gas heater and the purchase is supported by documents, a tax credit shall be entitled to the equivalent taxable income 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, the equivalent taxable income for the tax year is entitled for the tax credit.