Mongolian Economy and Finance

Fluor FLR 0% , a company based in Irving, Texas USA, has reportedly removed all foreign personnel from Mongolia rapidly at the first hint that the government of Mongolia may have a tax inquiry for the company.

The Mongolian Parliament has passed a new investment law on foreign investment that is intended to introduce a stable tax and legal background for foreign direct investors.

Source: Udriin Sonin

The Nationwide vehicle registration has been updated for 2013. According to the data, as of August 2013, a total 597,658 vehicles were registered nationwide in the vehicle registration renewal.

On July 30th it was announced that the foreign minister of Luxembourg and the foreign minister of Mongolia had agreed to negotiate on a tax treaty on the avoidance of double taxation according to the Luxembourg Foreign Affairs Ministry.

On July 30th it was announced that the foreign minister of Luxembourg and the foreign minister of Mongolia had agreed to negotiate on a tax treaty on the avoidance of double taxation according to the Luxembourg Foreign Affairs Ministry.

AMSTERDAM/ULAN BATOR, July 16 (Reuters) - Turquoise Hill Netherlands is a little-known Amsterdam-based company with three employees, no office, and not even its own mailbox.

AMSTERDAM (Reuters) - The Dutch government is reviewing double taxation treaties with developing countries to determine if they are unfair and should be renegotiated, State Secretary of Finance Minister Frans Weekers said.

(Reuters) - Turquoise Hill Netherlands is a little-known Amsterdam-based company with three employees, no office, and not even its own mailbox.

Developing countries are taking action to try to combat tax avoidance by multinational companies.

This information was prepared as a general guidance only, and should not be used as a specialized legal conclusion.

Property tax law for companies and units is supposed to be implemented by the 1st January, 2013. 

The current Mongolian Double Tax Agreement (DTA), which is a tax claim by two or more jurisdictions on the same income, is prone to international tax planning as it allows residents of other countries to substantially reduce the amount of tax they pay in Mongolia, said International Monetary Fund (IMF)’s report released on November 14.

The Mongolian government has received a new report from the International Monetary Fund (IMF) advising of necessary changes to the nation's network of double tax agreements (DTA) to close unintended loopholes that enable multinationals to engage in tax planning to avoid tax payable on local mineral extraction projects.

Irregular session of the parliament discussed several amendments to the tax law such as Special Tax, VAT and Customs law and approved after the first discussion yesterday, on Tuesday.

August 1 (InfoMongolia) The General Department of Taxation (Mongolian Tax Administration) and the "Mongol Post" state owned company have signed on a memorandum of cooperation on introducing postal service in Taxation Department, receiving and auditing tax declarations via postal network and starting tax return postal system.

May 16 (Mongolian Economy) Mining is the engine to Mongolia's economy. However, the legal environment is acting as a dead weight creating a jam for the development train .

In accordance of adoption of law on E-signature the Taxation Office going to use e-signature.

On Friday, Chief of the Cabinet Secretariat Ch.Khurelbaatar submitted to Speaker D.Demberel some draft proposals including bond market and small and medium production development.

High-ranking government officials have recently declared their 2011 property holdings and incomes.