Some taxes to increase
Parliament of Mongolia approved amendments to the 2017 State budget, with proposed tax increases in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund.
Some taxes to increase. Parliament of Mongolia approved amendments to the 2017 State budget, with proposed tax increases in accordance with the Staff-Level Agreement between Mongolia and International Monetary Fund on Three-Year Extended Fund Facility. The proposed tax increases will take effect in the beginning of May. Majority or the 75-86 percent of vehicles registered in Mongolia are outdated and more than 10 years old, causing negative impacts on the environment and increasing amount of air pollution. Therefore, the tax rebate for hybrid vehicles, LPG-fueled vehicles, and electric vehicles is set to be decreased by 50 percent while excise taxes on vehicles will be increased depending on the engine capacity and aging. Also, interest income on personal savings accounts will be taxed. Owners of savings will pay 10 percent of taxes on their interest income. The Minister of Finance noted that the customs tax on tobacco is lower than limits set by the World Trade Organization and the customs tax on all imported tobacco will be increased by 30 percent.
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