Stimulus package for protecting public health, retaining workplaces and stimulating the economy during COVID-19 Pandemic
Mongolia • Issue 04/2020 • April 2020
On 9 April 2020, the Parliament adopted a resolution and the following laws were promulgated in response to the COVID-19 pandemic, for the purpose of protecting the public health, safeguarding the employments and stimulating the economy:
- Law on Corporate Income Tax Exemptions and Tax Credits
- Law on waiver from Tax Penalties and Fines
- Law on Exemption from Personal Income Tax
- Law on Exemption from Customs Duty
- Law on Exemption from Value Added Tax
- Law on Exemptions from Social Insurance contributions and Support from the Unemployment Insurance Fund
- Law on waiver of Penalties and Fines on Employer contribution Social Insurance.
Below is an overview of the Government’s key measures to stimulate the economy and providing relief to individuals, legal entities and organizations impacted adversely by the Covid-19 pandemic:
- Exemption from social insurance contribution to employees and employers and providing allowance to employees out of the Unemployment Insurance Fund
- Personal income tax exemption
- Corporate income tax exemption
- Exemption from custom duty and a value added tax
- Waiver of penalties and late payment interests
