Ulaanbaatar
Agricultural machinery, equipment and supplies exempt from VAT until 2025
Economy
Ulaanbaatar /MONTSAME/. On April 23, the parliament approved
bills on value-added tax exemption and customs duty exemption.
According to the bills, essential equipment, supplies, and
machinery for the agricultural industry, such as tractors, combine and other
engineering vehicles, irrigation, forestry, and poultry farming equipment,
fertilizers and plant protection products, equipment for greenhouse farming will
be exempted from value-added tax and customs duty.
The law on value-added tax exemption will be effective until
January 1, 2025, and the customs duty exemption law’s effective date is set
until January 1, 2022.
The exemptions granted to the agricultural equipment and
machinery will help stabilizing the farming industry production, improving the economic
capacity of farmers, introducing new advanced technologies into the
agricultural industry, supporting employment in the agricultural and farming
businesses.
