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New Law and Regulations that will become effective from 1 January 2020

7th, January 2020, Ulaanbaatar city.

  • Amendment of the Package tax laws of Mongolia came into force

Package tax laws of Mongolia namely Law of Mongolia on General Taxiation, the Corporate Income Tax Law, Personal Income Tax Law and Value Added Tax Law came into force from 1 January 2020.  The General Tax Authority of Mongolia deems that the package laws will encourage taxpayers’  including legal entities and it results in broadening tax income sources. Next time, we will inform you regarding features of this amendment to the package tax laws in detail.       

  • Amendment to Law of Mongolia on Health Insurance 
The State Great Khural (Parliament) enacted the amendment to Laws of Mongolia on Health and Health Insurance by its plenary session dated 17 October 2019. This amendments stipulates that citizens of Mongolia can take free medical diagnosis preventing from cancer of liver, stomach, gullet, cervical, breast, lung and rectum from 1 January 2020.
  • All children will be provided child allowance
A parliamentary resolution made on November 28, 2019 to grant monthly Child Money allowance to all children, whose parents and caregivers applied for the allowance, comes into force January 1, 2020. Therefore, the required additional funding is allocated to the State Fund of 2020. The lawmakers anticipated that 90 percent of all registered children in Mongolia will receive the child allowance.
  • 1-5 grade students to have mid-day meal

The State Great Khural has nullified some provisions of the Law of Mongolia on Elementary and Secondary Education, therefore, 1-5 grade students of secondary education school will having a mid-day meal from the academic year of 2021-2022.

  • The National minimum wage of Mongolia increases to 420,000 MNT
Pursuant to Resolution No.5 of the National Tripartite Committee on Labor and Social Consensus, the national minimum wage of Mongolia rises to 2,500 MNT per hour and 420,000 MNT per month from 1 January 2020. As a result, about 100,000 employees’ wage is increased by 33.3 percent whose monthly salary is equilavent to the national minimum wage.

For more information regarding this publication, please contact with Maizorig.J, the Managing Partner of the firm. Phone: +(976) 88103905, +(976) 11 330048; email: maizorig@mdsa.mn

DISCLAIMER:
MDS and KhanLex LLP is a limited liability partnership, incorporated in accordance with Law on legal status of lawyers and is authorized to conduct lawyers’ professional activity per Mongolian law issues.
This publication does not necessary cover core or important issue of the topic and it is prepared only with intention to provide general information to our clients and/or other interested persons. This publication does not constitute legal advice under professional activity of lawyers.

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