Approved and Expected Changes in Tax Laws in 2024 and 2025

Mongolia • No. 07/2024 • October 2024

^{In brief}

On August 30, 2024, the Parliament of Mongolia amended the Law on the 2024 State Budget. These amendments included revisions to the Corporate Income Tax (CIT) Law, introducing tax incentives for expenses related to social activities. Additionally, changes were made to the CIT Law, Value Added Tax (VAT) Law, Excise Tax, and Customs Duty laws, in accordance with amendments to the Law on the Legal Status of Herder Household Associations, the Law on Organic Products, and the Law on the Legal Status of Towns and Villages.

On the same date, the Government presented the draft State Budget for 2025 to the Parliament, which is currently under discussion. Along with the draft budget, several proposed amendments to tax laws were also submitted for parliamentary consideration.

This alert aims to provide a brief overview of the tax law amendments enacted in 2024, as well as the proposed changes to tax legislation currently under review by the Parliament in conjunction with the 2025 state budget.

Significant changes 

• Amendments to the CIT Law
• Amendments to VAT
• Amendments to the Law on Customs Tariffs and Customs Duties
• Amendments to the Law on Excise Tax
• Amendment to the Law on Immovable Property Tax (IPT)
• Proposed Amendments to Tax Laws Accompanying the 2025 "Budget Law"