Mongolians to get over MNT 120 billion for VAT refund - News.MN

Mongolians to get over MNT 120 billion for VAT refund

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2019/05/25

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Mongolians to get over MNT 120 billion for VAT refund

Adopted by parliament in July 2015, the VAT incentive law took effect from 2016.  According to this law, consumers started to take back money in the form of a rebate that is equivalent to 2% on products they purchased. According to Finance Minister Ch. Khurelbaatar, a total of 808,000 people will get over MNT 120 billion from this VAT rebate, which is an increase of nearly two times those who claimed it in 2017. The money will be transferred into their bank accounts from today (January 31st).

Furthermore, consumers became able to be involved in a lottery with the amount paid on bills. In the VAT Lottery Draw that was held on January 20th, one person won the jackpot of MNT 225 million (over $84,000).

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