Mongolian Economy and Finance: Property tax to increase

Property tax law for companies and units is supposed to be implemented by the 1st January, 2013.?

Depending on the location of the industrial or service properties, 0.6-1 percent of property tax is to be imposed.

For instance, if your business property is located in the ?A? level area of the city center you should pay 1 percent worth tax on your property. Properties located in the 2nd or 3rd level area will be subject to 0.8 percent tax. Properties located in the 5th level area are supposed to be subject to 0.6 percent tax, said the Deputy Major of Ulaanbaatar City, N.Bataa, during his interview with News.mn.

Companies and units should pay the property tax once a quarter; an individual should pay once a year.

No property tax are imposed on citizen`s own house, ger or apartment. But any citizens who uses their property as a shop, office or service to make money should pay the property tax.

According to currently existing law business related properties are subject to 0.6 percent tax. The Mongolian Parliament passed the property tax law in 2001. But amendments submitted to the law in 2010 are expected to be implemented by the 1st January 2013. The property tax imposed differs depending on the property location.

Ulaanbaatar city administration is seeking ways to raise capital in order to collect their budget independently for coming years. Imposing 0.6-1 percent property tax depending on location in the city appears to be one way they intend to do this. Ulaanbaatar city authorities estimate that property tax will bring 3.8 billion MNT capital into the City budget. Currently the Ulaanbaatar city income is estimated to be upto 390 billion MNT a year.

Source: http://mongoliaeconomy.blogspot.com/2012/11/property-tax-to-increase.html

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