Mongolia: Proposed amendments to corporate income tax on thermal and electric power production; other developments
Income from certain manufacturing primary and auxiliary equipment or machinery would receive a tax credit of 90%
Income from certain manufacturing primary and auxiliary equipment or machinery
Proposed amendments to the corporate income tax law in connection with thermal and electric power production was submitted to the Parliament of Mongolia on 1 June 2023.
Under the proposed amendments, income from manufacturing primary and auxiliary equipment or machinery that produces a 1.5 megawatt or more thermal power and/or 5 megawatt or more electric power would receive a tax credit of 90% until 31 December 2029.
Read a June 2023 report prepared by the KPMG member firm in Mongolia that also includes tax developments concerning:
- Amendments to the investment law
- Individual income tax reporting
- Law on mining products exchange
- Immigration updates
- E-balance platform change
- Mongolian tax authority system digitalization
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