iCalculator™ MN: Mongolia Tax Calculators
Welcome to iCalculator™ MN, your comprehensive suite of free tax calculators for Mongolia. iCalculator™ has provided free tax calculators for Mongolia since 2019. Since those early days we have extended our resources for Mongolia to includes Tax Guides, Tax Videos and enhanced the tax calculators and supporting tax information. The Mongolia Tax Calculator and salary calculators within our Mongolia tax section are based on the latest tax rates published by the Tax Administration in Mongolia. In this dedicated Tax Portal for Mongolia you can access:
Mongolia Tax Calculator 2024/25
The Mongolia Tax Calculator below is for the 2024 tax year, the calculator allows you to calculate income tax and payroll taxes and deductions in Mongolia. This includes calculations for
- Employees in Mongolia to calculate their annual salary after tax.
- Employers to calculate their cost of employment for their employees in Mongolia.
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Discover Mongolia
Mongolia, a landlocked country in East and Central Asia, is renowned for its vast landscapes, ranging from the Gobi Desert to the south and rugged mountains to the north. It is bordered by Russia to the north and China to the south, east, and west, making it one of the world's largest landlocked countries. Mongolia's strategic location has historically made it a crossroads of culture and commerce between its neighbors, contributing to its rich cultural heritage that includes the legacy of the Mongol Empire under Genghis Khan.
The Mongolian economy is traditionally based on agriculture and livestock, with herding being a way of life for a significant portion of the population. The country is known for its nomadic traditions, with livestock including horses, cattle, camels, sheep, and goats playing a central role in the rural economy. Agriculture, although limited by the country’s harsh climate and terrain, includes crops such as wheat, barley, and potatoes in areas where farming is feasible.
In recent decades, Mongolia has seen significant growth in its mining sector, which has become the backbone of the economy. The country is rich in mineral resources, including coal, copper, gold, and rare earth elements. The Oyu Tolgoi copper and gold mine, one of the world's largest, is a testament to Mongolia's mining potential. Mining activities have attracted foreign investment, boosted exports, and significantly contributed to GDP growth, although they have also introduced challenges related to environmental sustainability and economic diversification.
Tourism is an emerging sector in Mongolia, with the country’s pristine natural landscapes, cultural festivals like Naadam, and historical sites attracting visitors from around the globe. Efforts to develop sustainable tourism practices aim to preserve Mongolia’s cultural and natural heritage while providing economic opportunities for local communities.
Despite its natural wealth and economic potential, Mongolia faces challenges such as climate change, rural poverty, and the need for further economic diversification. The government is focused on addressing these issues by developing sectors like renewable energy, information technology, and agriculture, aiming to reduce dependence on mining and promote sustainable development.
For more information on neighboring countries and their economic profiles, visit Russia and China.
Tax overview of Mongolia
The taxation system in Mongolia is designed to support the country's economic development and provide revenue for public services. It encompasses various types of taxes, including personal income tax, corporate income tax, value-added tax (VAT), customs duties, and excise taxes. The system aims to be fair, transparent, and conducive to investment, balancing the need for government revenue with the promotion of economic growth.
Personal income tax in Mongolia is levied on the income of individuals, including wages, salaries, and other forms of compensation. The tax structure is progressive, ensuring that individuals with higher incomes contribute a greater percentage of their earnings. Corporate income tax is charged on the profits of companies operating within Mongolia, with rates designed to encourage business investment and competitiveness.
Value-added tax (VAT) applies to the sale of goods and services within Mongolia, as well as to imports. VAT is intended to be neutral for businesses, being collected at each stage of the production and distribution process but with the provision for businesses to reclaim VAT on their purchases. This system helps to ensure that the final consumer bears the VAT cost.
Customs duties and excise taxes are levied on certain imported goods, including tobacco, alcohol, and luxury items. These taxes aim to generate additional revenue for the state, protect domestic industries, and, in the case of excise taxes, discourage the consumption of harmful products.
Mongolia has implemented various tax incentives to attract foreign investment, particularly in sectors such as mining, agriculture, and renewable energy. These incentives include tax holidays, reduced tax rates, and other concessions designed to make Mongolia an attractive destination for investment.
The Mongolian government has undertaken significant tax reforms to simplify the tax system, improve tax administration, and enhance compliance. These reforms include the introduction of electronic filing and payment systems, aimed at making it easier for taxpayers to meet their obligations and for the government to collect revenues efficiently.
Understanding the tax landscape in Mongolia is crucial for businesses and individuals operating in the country. Staying informed about tax regulations, rates, and incentives is essential for effective tax planning and compliance. For more insights and resources on tax management in Mongolia, visit our tax hub, featuring the latest tax tools and comprehensive tax information.