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Mongolia Business Report
General information
Source: The World Factbook - Central Intelligence Agency
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, RussianVery low English proficiency (88/100)
Corruption perception index (Source: Transparency International)
93/180High 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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