Measures to support taxpayers in view of imposing Higher Level of Readiness in Mongolia
At irregular meeting on 27 March 2020, the Government Cabinet approved a resolution to implement following measures to support the taxpayers during higher level of readiness due to spread of Covid19 in Mongolia
In accordance with Article 1.2 of Appendix of the Regulation No A/121 on Procedure to issue a Certificate on force majeure and hardship by the Chairman of Mongolian National Chamber of Commerce and Industry(hereinafter “the Chamber”) dated 24 January 2020, a force majeure means the parties are unable to implement their contractual obligation due to the following obstacles which are beyond the reasonable control of parties, unforeseeable circumstances and cannot be predicted, prevent or overcome by scientific and technological achievement.
Legal briefing on Combating money laundering and terrorism financing of Mongolia
By having failed to adequately comply with the recommendations of the Financial Action Task Force (FATF) on concerning anti-money laundering and counter-terrorism financing (AML/CFT) measures, Mongolia has been added to the FATF’s grey list along with Iraq and Zimbabwe on October 4, 2019. The FATF is an inter-governmental body established in 1989 to combat money laundering, terrorist financing and other related threats to the integrity of the international financial system.
Organizational Confidentiality in Mongolia
Legal environment of Mongolia on Organizational confidentiality: Where the legal confidentiality environment is well established in a fairly competitive marketplace, business organizations are crucial in helping to build their own strengths, characteristics and colors.
Mongolia is one of the wealthiest countries in the world of mineral resources and has developed its own independent mining industry since 1990. The country has joined the implementation of European and international technical, environmental and occupational safety and health standards in the mining sector to improve its competitiveness in the public and private sector.
Parliament of Mongolia had adopted the Law on the Legal Status of Foreign Nationals on 08 July 2010. According to this law, the government has enacted appendixes of Resolution No145 on the Procedure of Issuance of Mongolian visa and Resolution No146 on Residence and Registration of foreign nationals in Mongolia in 2018 for regulating visa and residence permit related relations.
Legal alert: Law of Mongolia on Corporate income tax
The Parliament of Mongolia adopted tax reform package including the General Tax Law, Law on Corporate income tax, Law on Value added tax and Law on Personal income tax which shall take effect on 1 January 2020.
Legal Alert: Tax laws reform of Mongolia
The Government of Mongolia submitted a tax reform to the Parliament in 2018 including revisions to the General Taxation Law (GTL), the Corporate Income Tax (CIT) Law, the Value Added Tax (VAT) Law and Personal Income Tax (PIT) Laws. During the irregular session held on 22 March 2019, the Parliament passed the package of the revised tax laws which will be effective from 01 January, 2020.