Read answers to common questions about tax and accounting here

Providing tax advisory services, individuals and legal entities are required to comply with tax legislation and protect themselves from future tax risks.

Outsourcing is the process by which a company transfers some of its operations to a professional team that can do it best in a short period of time at low cost.

If the reported income in 2020 is less than 50 million MNT, you can apply to the tax office by September 2021 and can be cover from 2022. The 2020 application deadline expires on September 30, so it is not possible to report in 2021 under this procedure.

No. If a taxpayer is exempted from the simplified procedure from the date of becoming a value-added tax withholder in accordance with the conditions and requirements specified in the Value Added Tax Law.

Impossible. According to Article 29.10 of the CIT Law, exemptions and discounts specified in this Law shall not be enjoyed and taxes imposed on foreign countries as specified in Article 23 of this Law shall not be deductible from taxes payable.

Individual verification can be added to our purchase receipt and become a valid receipt. It cannot be validate without confirmation.

Pursuant to Article 25 of the PIT Law, the withholder is entitled only to salary and wage income, Indirect income, Fee income, Dividend income, NDIC Sales income, Arts and Sports Competition Awards, Naadam Target Awards and other similar income, TT-11, TT-12, TT-12a, TT-08, as it is obliged to withhold tax on paid puzzles, gambling, lottery income, and income paid to non-resident taxpayers. The form is designed to report by report. Therefore, other income is not subject to tax deduction, so it is reported in the “Tax-deductible income” of the TT-12 report and the relevant information XM-12 (4) is filled out.

You can apply to the relevant tax department of your district and print a document from the unified payment system with a login and password to register as a business owner.

Article 4.2.1 of the Law on Social Insurance of Mongolia stipulates that all business entities, organizations, non-governmental, religious and other organizations shall enter into employment contracts with citizens or 343, 359 of the Civil Code / Contracts for performance of work and wages / The employer and the insured shall be obliged to pay social insurance premiums, as it is stated that a Mongolian citizen, foreign citizen or stateless person working under a contract with a citizen shall be covered by social insurance.

Yes. Employees who have lost more than 50% of their ability to work will be taxed at a percentage of the total number of employees.

14.1.5 of the Law on VAT. Taxes paid on goods, works and services imported or purchased for the preparation of fixed assets and taxes paid on the purchase and import of fixed assets shall be deducted in proportion to the following periods:

  • buildings and structures for 10 years;
  • equipment for 5 years; / This includes exploration costs./
  • Other fixed assets - direct

Once registered under the simplified mode, the same amount of tax each year. However, a taxpayer registered with the tax administration in accordance with Article 29.1 of the CIT Law shall become a value-added tax withholder in accordance with the conditions and requirements set forth in the Value Added Tax Law, and from the date of commencement of activities specified in 9.3.2. from the simplified mode.

If a person reports to another place and enjoys a discount, he / she will not be eligible for the discount. You only get a discount on your PIT paid from a local income.

If an employee is paid for food in accordance with Article 7.1.7 of the PIT Law and Article 4 of the Social Insurance Law, social security and PIT will be deducted.

It is possible to amend the 2020 financial statements by December 25, 2021, which is now December 25 of the year following the current year. However, please note that the report will be corrected with an audit report.

According to Article 79 of the Labor Law, if an employee is employed, each employee shall be granted vacation and enjoy it themselves. Vacation consists of basic and additional vacation. According to Article 79.2 of the Labor Law, the basic period of annual leave shall be 15 working days. The basic vacation period for a minor or a disabled employee is 20 working days. An employee working under normal working conditions shall be granted the following additional leave in addition to his / her vacation, depending on his / her length of service. Additional vacation is 3 working days for 6-10 years; 5 working days for 11-15 years; 7 working days for 16-20 years; 9 working days for 21-25 years; 11 working days in 26-31 years; For 32 years or more, 14 working days are added. In other words, there will be an additional 15 working days in addition to the main working day.

“Law on Violations” 2.3. To submit tax reports to the tax administration within the period specified by law; - a fine equal to one hundred and fifty units togrogs and a legal entity shall be fined one thousand five hundred units togrogs. 

Foreign citizens and stateless persons shall register as taxpayers permanently residing in Mongolia and issue a certificate within 5 working days after receiving the notification specified in 3.4 of this regulation (Annex to Order A / 266 dated December 30, 2020).


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