Tax
From The Report: Mongolia 2013
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Currently, Mongolian legislation allows for several forms of business entities, which include joint stock, joint venture and limited liability companies. Economic and business activities in Mongolia are regulated by a variety of laws, including the Law on Foreign Investment of 1993 and the Company Law of 1999. To establish a registered presence in Mongolia, foreign companies may also choose to operate through a representative office or branch. There are many financial, legal, commercial, and tax implications arising from the choice of business vehicle. In this section, Ernst & Young Mongolia gives an overview of the Mongolian taxation system, featuring a viewpoint from Christian Pellone, Head of Tax.

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Overview

A look at the landscape: An overview of the tax system and its implications
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Economic and business activities in Mongolia are regulated by a variety of laws, principally the Company Law of 1999, with a major revision in 2007, the Civil Code of 2002, the Law on Foreign Investment of 1993 and the Law on the Regulation of Foreign Investment in Entities Operating in Strategic Sectors of 2012. Currently, Mongolian legislation allows for several forms of business entities, which include a joint stock company, joint venture companies and limited liability companies. HOW TO…

Viewpoint

Christian Pellone, Head of Tax, Ernst & Young Mongolia, on recent developments in corporate tax law
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The tax laws in Mongolia were updated to deal with the new market economy following the withdrawal of the former Soviet Union in the early 1990s. Today’s tax landscape is experiencing change as policymakers seek to protect strategic assets without deterring foreign investment. One area of recent focus has been double tax treaties, about which the authorities have long expressed concern, specifically treaty shopping or tax avoidance attributed to tax treaties and lost revenue. In early 2012 the…