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Mongolia Business Report

General information
Source: The World Factbook - Central Intelligence Agency
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Population
3,103,428 (July 2018 est.)
GDP (PPP)
$39.73 billion (2017 est.)

Mongolia relies on the exportation of natural resources for 40% of GDP: copper, gold, coal, molybdenum, fluorspar, uranium, tin, and tungsten.

GDP growth rate
5.1% (2017 est.)

Giving its deep dependence on commodity prices, Mongolia's growth rate experiences sharp fluctuations.

GDP (PPP) per capita
$13,000 (2017 est.)

Medium.

Local currency
Mongolian togrog/tugrik (MNT)

Weak currency dependent on commodity prices.

Financial stability (Public debt)
91.4% of GDP (2017 est.)

Very high, made worse by a sizeable budget deficit.

Inflation
4.6% (2017 est.)

Medium to high.

Language
Mongolian 90% (official) (Khalkha dialect is predominant), Turkic, Russian

Very low English proficiency (88/100)

Corruption perception index (Source: Transparency International)
93/180

High level of corruption.

Duties and tax
Source: PwC World Tax Summaries 2017-2018
VAT
10%
VAT is imposed on the supply of goods, services, and works imported, exported, and sold in Mongolia. Works and services received from a non-resident (irrespective of whether they are supplied in Mongolia or not) are subject to VAT under the reverse-charge procedure.
Corporate Tax
10% to 25%
Non-resident economic entities carrying out business activities in Mongolia are taxable on the income earned in the territory of Mongolia and from Mongolian sources.
Duties
5% to 40%
0% rate applies to gas condense, petroleum oils, crude, oils obtained from bituminous minerals, automatic data processing machines, electrical machinery, equipment and parts, medical equipment, and pure-bred livestock. Export duties apply to certain exported goods, such as unprocessed camel wool, wood, and wooden materials.

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