Imports
The Mongolian Tax Authorities is liable for enforcing the laws and regulations on import. A license or permit is not required for most imports, but the customs declaration must be made along with a description and price of the imported goods.
Goods that are imported into Mongolia are subject to both customs duty and consumption tax, which is currently 10%.
Most commonly used method of valuation is the transaction value. Some other alternative valuation methods can also be used and these are listed below:
- Transaction value for identical merchandise
- Transaction value for similar merchandise
- Deductive method
- Computed method
Customs will set the tariff amount to be paid on the import based on this information. The Government sets and approves the tariff rates. Import tariffs can be regular, favored or preferential. Therefore, a favored and/or preferential tariff rate may apply in lieu of a regular rate depending on from which country the import is made.
In addition to consumption tax, other internal taxes may be applied to certain products such as liquor, tobacco, petroleum and liquefied petroleum gas.
Exports
Taxes are not levied to most exports, in general. Theoretically, taxes are levied for exports but it is applied to a limited number of products only. A special license or approval is not mandatory to have for most exports, however following items are prohibited to be exported (amongst others):
- Uranium
- Firearms
- Certain dangerous and poisonous chemicals
