Mongolia to cut social insurance taxes to 17 percent in 2021 - News.MN

Mongolia to cut social insurance taxes to 17 percent in 2021

Mongolia to cut social insurance taxes to 17 percent in 2021

The Mongolian Government has zeroed social insurance taxes for workers and enterprises from the private sector between April and October and reduced them by 50 percent until the end of December, 2020 as a part of a MNT 5.1 trillion financial support package for fighting against the economic impact of coronavirus pandemic.

Currently, workers and enterprises are paying their social insurance taxes on the basis of 5 percent from per employee and 5 percent from employer.

In addition, the Mongolian Cabinet is planning to cut social insurance taxes from 20-22 percent to 17 percent between 1 January, 2021 and 1 July, 2021.

 

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