The package of new tax laws adopted by Parliament is in effect from
January 1, 2007. It is a pleasure to present to you in this brochure
the Value-added Tax Law of Mongolia from the package.
Reducing tax burdens to lower the cost for final consumers, expanding
the tax base by reducing tax exemptions and credits, simplification,
and greater adherence to international best practices were all
considered when the new law was produced.
VAT Taxpayers
An entity that imports or exports goods or produces or sells goods, works or services in Mongolia
Representative office of a foreign legal entity with sales revenues of 10 MNT million
Threshold/ Registration
Annual sales revenues exceeding 10 million MNT
Voluntary
if exceeds 80% of 10 million MNT or If invested USD 2 million or more
in Mongolia Revenue and investment must be certified and in accordance
with the Accounting Law and international standards
If a
registered entity’s revenues fall below 10 million MNT and it appears
will remain below, tax authority will de-register the entity
Taxable Goods, Works and Services
Goods sold within Mongolia
Goods exported out of Mongolia
Works and services performed within Mongolia
Goods imported from outside Mongolia
Treated as goods:
Sale of a business or business rights
Goods, works or services retained from business assets upon termination
Any items for which VAT credit is claimed
Any items sold to satisfy debts to others
Goods sold by a non-resident individual based on orders placed by a person or legal entity of Mongolia
Treated as services:
Utilities (e.g. electricity, heat, water)
Leasing of goods
Rental of rooms and premises
Sale or transfer of rights
Gambling
Leasing of immovable and movable property other than houses and buildings
Transfer, leasing or sale of intellectual property
Satisfaction of debt by performing work or services
Provision of work or services by a nonresident individual based on orders placed by a person or legal entity of Mongolia
Payment of interest and penalties due to misconduct
VAT Rates
10% on imported, produced and sold goods, works and services
0% on exported goods, works and services
Tax Imposition Procedures
Tax imposed on:
Each occurrence of import, export or sale
Final sale in the case of construction and assembly
Each scheduled payment under finance lease payment
Taxable Amount
Imported goods: customs price plus duty and taxes
Sold goods, works and services: sales price or current market value
Exchanged goods, works and services: current market value
Gambling services: revenues less winnings
Related Parties
If one or more legal entities own more than 66% of property
or voting rights of two or more legal entities, the entities may be
registered as a group; each group member shall be a VAT payer
One group member shall perform VAT related obligations on behalf of the group
Adjusted to current market price if transaction was unreasonably low or high
Zero-rated Items
Goods exported for sale
Passenger and cargo transportation services if to/from foreign country
Services
rendered outside Mongolia unless connected to services rendered in
direct connection with movable or immovable property
Services provided to a foreign citizen or legal entity not present in the territory of Mongolia during the provision thereof
Services provided to international aircraft
State medals and coins produced domestically
Exempt Services
Financial Services
Currency exchange
Banking services
Insurance and property registration services
Securities transactions and underwriting
Advances and loans
Granting and transferring an interest of social insurance fund
Interest, dividends, credit guarantees and insurance contracts
Financial leases
Residential accommodation rental
Educational services
Health services
Religious organizations
Services rendered by Government organizations
Public transportation
Services of tour companies to foreign tourists other than tourist camps, restaurants, tour transport and hotels
Exempt Goods
Passenger baggage for personal use
Imported goods for diplomatic missions and international organizations
Goods
works and services purchased within Mongolia for official services of
diplomatic missions if reciprocated in respective countries for
Mongolian diplomatic missions (on refund basis)
Humanitarian aid and grant goods from governments and NGOs of foreign countries, international and charitable organizations
Special purpose appliances for disabled people
Weapons, etc. for defense and law enforcement
Civil aviation aircraft and spare parts
Sale of apartment other than if newly built
Imported machinery, equipment, etc. according
to crude oil productions agreements with
Government
Blood and organs for medical treatment
Gas fuel, container, equipment and special
purpose machinery and technical parts approved
by Government
Mongolian currencies printed in foreign countries
Sold gold
Sold newspapers
Timing of Imposition
Earliest of:
Invoice date
Date of payment receipt
Date of purchase
Date of customs declaration for imported goods
Retailer shall issue the receipt at each time ofsale
Deduction of Input Credits
Deductible credits are:
Taxes paid in connection with purchased and goods, works and services for production and service purposes
Taxes paid in connection with imported purchased and goods, works and services for sale, production and service purposes
VAT
of 10% is assumed to be included in the purchase price of several
husbandry and agricultural products if purchased from producer for
processing
VAT must be substantiated by invoice
No credits available for:
Motor
car, components or spare parts if purchased from other than a legal
entityselling same based on its contracts and procedures
Personal or employee personal needs expenditures
VAT paid for exempted goods, works and services imported or purchased
If total credits exceed tax liability, either:
Balance is credited against subsequent tax payments,
Balance is credited against other taxes due
The balance of credits exceeding tax liability will be refunded if taxpayer submits a written request
Imported Goods
VAT on imported goods is administered by Customs administration
Monthly tax report due to Ministry of Finance by the 10th of the following month; annual return by the 15th of January
Taxpayer Statements
The monthly statement is due by the 10th of the subsequent month along with taxes due
Violations
Failure to register if required or failing to collect VAT if registered results in taxpayer paying:
Taxes that would have been required
Interest of .3% of VAT due
A penalty not to exceed 50% of VAT due
Non-registered taxpayer that collects VAT must pay:
Taxes that would have been required
Interest of .3% of VAT due
A penalty not to exceed 100% of VAT due
Laws Repealed
VAT Exemption of Citizen Identity Card Printing Materials and Equipment and Spare Parts
VAT Exemption of the “Millennium Road” Project
VAT
Exemption on Import of Materials and Equipment as Part of “Creation of
Aerial Fiber-optic Cable Transmission Network between Bulgan and Moron”
Project
VAT Exemption of Import of Electricity by Western Electricity Transmission Network LLC
VAT Exemption of Some Materials, Machinery, Mechanisms, Equipments, Goods, Works and Services
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