On November 11, 2022, the Parliament approved the Law on Amendments to the Personal Income Tax Law. The new law will be enforced from January 1, 2023. Therefore, Mongolians will pay 

-10 percent taxes if he/she earns up to MNT 120 million a year,

-15 percent taxes from taxable income up to MNT 180 million a year,

-20 percent taxes if their taxable income exceeds MNT 180 million a year

In Mongolia, there are 57 citizens who earn more than MNT one billion per year. According to the amendments to the Law,  taxes will be increased for only 1,300 citizens.