Tax
From The Report: Mongolia 2015
View in Online Reader

This chapter outlines the tax environment in Mongolia, focusing on the new investment law, account regulations, corporate income taxation and other subjects. It also contains a viewpoint from D. Onchinsuren, Country Managing Partner, Deloitte Onch LLC.

Articles from this Chapter

Overview

Managing your tax risks: Key details about the Mongolian tax environment
OBG
plus

Foreign investors that are looking to engage in business in Mongolia must be aware of the local tax code and regulations. The following provides an overview of the common concerns and questions facing those who engage in business in the country and are attracted to the wide range of opportunities afforded by Mongolia’s rich mineral resources. Accounting Regulations The Mongolian Accounting Law requires that international accounting standards and International Financial Reporting Standards (IFRS)…

Interview

D. Onchinsuren, Country Managing Partner, Deloitte Onch LLC, on the implementation of International Financial Reporting Standards
OBG
plus

The Accounting Law of Mongolia was passed in 1993 – well before the Company Law (1999) was introduced – and it was one of the first business laws to embrace the country’s transition to a market economy. The Accounting Law introduced the accrual method of accounting and required that entities follow international accounting standards when preparing financial statements. To implement the Accounting Law, about 20 years ago the Ministry of Finance launched a project to adopt Western accounting…