Ulaanbaatar
VAT refunds to be applied to taxi services
Society
Ulaanbaatar /MONTSAME/ The new online taxi service UBCAB will provide receipts to the customers. The app is now fully integrated with the ‘E-barimt’ e-receipt system, the developers report.
The online taxi service app that meets international standards was developed by the engineers of UBCab LLC. CEO of the company N.Otgonbayar noted that the UBCAB 3.0 version is fully integrated with the national Value-added Tax (VAT) refund system, thus becoming the first taxi service to provide receipts.
Taxi drivers will also benefit from the new service. With the income secured by a tax receipt, it will be possible for taxi drivers to get a loan or other financial services from any commercial bank.
The VAT Law of Mongolia took effect on January 1, 2016. Economists note that the tax return system for purchased goods and services and registration of corporate income allow to feel the market accurately.
