Doing Business Guide in Mongolia 2015

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Doing Business Guide in Mongolia 2015 www.pwc.com/mn Doing Business Guide in Mongolia 2015 Doing Business Guide 2015 www.pwc.com/mn Doing Business Guide in Mongolia 2015 Doing Business Guide 2015 CONTENTS KEY STATISTICS ................................................................................. 5 1. MONGOLIA – COUNTRY PROFILE ............................................... 6 1.1 Introduction ................................................................................................. 6 1.2 Government structure .................................................................................. 7 1.3 Legal System ................................................................................................ 8 1.4 People .......................................................................................................... 8 1.5 Economy .................................................................................................... 10 1.6 Foreign Trade ............................................................................................ 11 1.7 Mining in Mongolia .................................................................................... 11 2. BUSINESS ENVIRONMENT ......................................................... 13 2.1 Business Climate ........................................................................................ 13 2.2 Free Trade Zones ....................................................................................... 13 2.3 International Agreements .......................................................................... 15 2.4 Legal Environment .................................................................................... 15 2.5 Regulations for Business............................................................................ 16 2.6 Property Market ........................................................................................ 17 3. FOREIGN INVESTMENT .............................................................. 18 3.1 Foreign Investment .................................................................................... 18 3.2. New Investment Law ................................................................................ 18 4. BANKING AND FINANCE ............................................................. 21 4.1 Banking System ......................................................................................... 21 4.2 Foreign Currency Market and Foreign Currency Rules.............................. 21 4.3 Investment Institutions ............................................................................. 21 4.4 Capital Markets ......................................................................................... 22 5. IMPORTING AND EXPORTING .................................................. 23 5.1 Trends in Customs Policy ........................................................................... 23 5.2 Import Restrictions ................................................................................... 23 5.3 Customs Duties .......................................................................................... 24 5.4 Temporary Import Relief ........................................................................... 24 5.5 Customs Duties Incentives......................................................................... 24 5.6 Documentation and Procedures ................................................................ 25 5.7 Warehousing and Storage .......................................................................... 25 6. BUSINESS ENTITIES .................................................................. 26 6.1 Legal Framework ....................................................................................... 26 6.2 Joint Stock Companies (JSC) .................................................................... 26 6.3 Limited Liability Companies (LLC) ........................................................... 28 6.4 Partnerships .............................................................................................. 29 6.5 Representative Offices ............................................................................... 30 6.6. Branch/Permanent Establishments.......................................................... 30 6.7 Registration Process in General ................................................................. 30 7. LABOUR RELATIONS AND SOCIAL SECURITYU ..................... 326 7.1 Labour Market ........................................................................................... 31 7.2 Labour Relations ....................................................................................... 31 7.3 Working Conditions ................................................................................... 31 7.4 Social Security System ............................................................................... 31 PwC 2 Doing Business Guide 2015 7.5 Foreign Personnel ...................................................................................... 32 8. ACCOUNTING AND AUDIT REQUIREMENTS ............................ 33 8.1 Accounting in Mongolia ............................................................................. 33 8.2 Chart of Accounts ...................................................................................... 33 8.3 Audit Requirements .................................................................................. 34 8.4 Filing Requirements .................................................................................. 34 9. TAX SYSTEM AND ADMINISTRATION........................................35 9.1 Tax System ................................................................................................. 35 9.2 Direct and Indirect Tax Burden ................................................................. 35 9.3 Principal Taxes .......................................................................................... 35 9.4 Legislative Framework .............................................................................. 35 9.5 Tax Treaties ............................................................................................... 36 9.6 Tax Returns and Payments ........................................................................ 36 9.7 Penalties .................................................................................................... 36 9.8 Assessments .............................................................................................. 36 9.9 Tax Audits ................................................................................................. 37 9.10 Appeals .................................................................................................... 37 9.11 Advance Tax Clarification ......................................................................... 37 10. TAXATION OF CORPORATIONS .............................................. 38 10.1 Corporate Tax System .............................................................................. 38 10.2 Incentives ................................................................................................ 38 10.3 Taxable Income........................................................................................ 39 10.4 Deductibility of Expenses ........................................................................ 39 10.5 Withholding Taxes ................................................................................... 40 10.6 Related Party Transactions ...................................................................... 40 10.7 Foreign Exchange .................................................................................... 40 10.8 Losses ...................................................................................................... 40 10.9 Returns and payments ............................................................................. 41 10.10 Other Taxes ............................................................................................ 41 10.11 Branch versus Subsidiary........................................................................ 42 10.12 Group Taxation ...................................................................................... 42 10.13 Special Taxation Regimes ....................................................................... 42 11. TAXATION OF INDIVIDUALS ................................................... 44 11.1 Territoriality and Residence ...................................................................... 44 11.2 Gross Income ........................................................................................... 44 11.3 Deductions ............................................................................................... 45 11.4 Related party transactions ........................................................................ 45 11.5 Tax Credits ............................................................................................... 45 11.6 Other Taxes .............................................................................................. 45 11.7 Returns and payments .............................................................................. 46 11.8 Tax Rates .................................................................................................. 46 12. VALUE ADDED TAX (VAT) ........................................................47 12.1 Introduction ............................................................................................. 47 12.2 Scope of VAT ...........................................................................................
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