Raised three taxes come into effect today

2017-05-01 11:26:32
Ulaanbaatar /MONTSAME/ Amendments to the 2017 State Budget laid out to raise seven types of taxes as the Government agreed with the International Monetary Fund in the scope of a three-year Extended Fund Facility. The measure to increase three types of taxes is coming into effect starting today, May 01.

Those include tax on the interest rate of bank savings, customs tax on imported cigarettes and excise tax on passenger cars.
Ten per cent tax will be levied on interest of bank savings newly, bringing the planned effective date of January 1, 2018 closer.
Customs duty on imported cigarettes and tobacco will be 30 per cent, up by 25 per cent.

Excise tax on passenger car will be increased depending on its date of manufacturing and cylindrical capacity. For example, excise tax on car with up to 4500 cm cubic cylindrical capacity is up by 3-15 per cent or MNT25000-275.000 depending on manufactured date. However, the excise tax on hybrid, electric and gasoline vehicles will be eased by 50 per cent, while currently they are fully exempted from the tax.