The Parliament has approved the “The Taxation Law on the Individual Person’s Income”, which has one important provision. In detail; under this law, a foreign citizen will pay taxes from their savings, and Mongolians will pay taxes, if they exceed MNT 100 million in bank savings (in excess of one year).
This provision is included in order to obtain taxes from the people who have large savings which are held in banks with the long-term savings acounts. Now approved, “The Taxation Law on the Individual Person’s Income” will come into force from 1st January 2016.
The Government agreed tp postpone this draft law by 2 years.