Proposed changes to the tax laws accompanying the 2024 Budget Law

Mongolia • No. 04/2023 • November 2023

Mongolian Government has submitted the 2024 Budget Law and accompanying draft laws to the Parliament on October 2, 2023. With this Tax and Legal Alert, we present you the highlights of the proposed changes to the tax laws accompanying the 2024 Budget Law.

Personal Income Tax and Corporate Income Tax

Relevant laws have been prepared to include changes in the Law on Personal Income Tax (PIT) and Corporate Income Tax (CIT) to support the following types of business activities through tax policy.

• The Government, provincial, capital, and resident taxpayer's securities traded on the primary and secondary domestic market:
• Countryside housing construction and rental activities

Value Added Tax (VAT)

Law on Customs Tariffs and Customs Duties