The Parliament of Mongolia adopted tax reform package including the General Tax Law, Law on Corporate income tax, Law on Value added tax and Law on Personal income tax which shall take effect on 1 January 2020.
We have analyzed amendments and new articles of the revised corporate income tax law. The new articles included detailed definition and regulation of the earned income in or from Mongolia, foreign corporate entity with its head office in Mongolia, deductible expenses, representative office, mining license, ultimate owner, country by the country report on transfer pricing and simplified mode etc.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.