Tax & Accounting
From The Report: Mongolia 2014
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Featuring a tax and accounting interview with OBG partner Peter Markey of Ernst & Young, this chapter offers guidance on the local tax system to those interested in opening a firm or investing in Mongolia.

Articles from this Chapter

Overview

Paying their dues: An introduction to founding a firm and paying taxes in Mongolia
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Economic and business activities in Mongolia are regulated by a variety of laws, principally the Company Law of 2011, the Civil Code of 2002, the new Investment Law of 2013 (replacing 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 a variety of forms of business entities, which include a joint stock company, joint venture companies and limited liability companies…

Interview

OBG talks to Peter Markey, Partner, Ernst & Young
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Interview:Peter Markey How does Mongolia’s corporate tax structure compare to other developing countries in the region? PETER MARKEY: Mongolia has a two-tier corporate tax structure where the first MNT3bn ($1.8m) of taxable income is taxed at 10% and above that at 25%, which is unusual. The 10% rate is very low on an international level. Most countries are between 10% and 20%. The 20% to 30% range is the less competitive range for corporate tax rates, and over 30% is highly uncompetitive.…