Legal Document

Title: Law on income tax of business entity
Type: Law
Issuing Agency: General Department of Taxation
Responsible Agency: Ministry of Finance
Issuing Date: 22-03-2019

LAW OF MONGOLIA

22 March, 2019                                                                                         The Government House, Ulaanbaatar

INCOME TAX OF A BUSINESS ENTITIES  

/Revised version/

Article 13. Requirements for expenses deductible from taxable income

Expenses that meet the following conditions at the same time shall be deductible from taxable income:

13.1.4. Expenses for the following goods, works and services shall be confirmed by a receipt with a unique number specified in Article 28.5 of the General Tax Law and a document confirming payment of tax on imported goods to the Customs:

Article 22. Tax credit

22.1. The taxable income specified in Articles 18.2, 18.3, 18.4 and 18.5 of this Law shall not exceed 1.5 billion MNT. Taxes imposed on an established taxpayer in accordance with Article 20.1 of this Law shall be reduced by 90 percent:

22.1.2. To plant alcohol and tobacco plants, to produce and import tobacco ;

22.1.3. To produce petroleum products, import all types of fuels , engage in wholesale and retail trade, search, extract and sell oil.

22.5. Tax credit shall be provided for the following income:

22.5.8. 50 percent of the investment from the free zone income of a business entity that has invested 300.0 thousand US dollars or more in the construction of warehouses, loading and unloading facilities, hotels, tourist complexes, import substitution and export products factories in the free zone income tax;

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