Mongolia

Updates effective from 1 January 2023 include the following:

Personal income tax (PIT) rates

To align with the international tax practice and to reduce income inequality, the Parliament has approved introduction of a progressive PIT rate on salaries, wages, equivalent income, and indirect income. According to the Ministry of Finance (MOF), the aforementioned reform will impact only 0.1% of taxpayers. These newly introduced progressive rates are only applicable to resident taxpayers of Mongolia.

Minimum wage

In accordance with Resolution No. 10, dated 4 May 2022, issued by the National Tripartite Committee on Labor and Social Consensus, the minimum wage has been changed to 3,273.80 Mongolian tugrik (MNT) per hour or MNT 550,000 per month.

Social insurance employee cap

The monthly cap of the employee’s social insurance contribution has changed to MNT 632,500.