Mongolia Tax Tables 2024 - Tax Rates and Thresholds in Mongolia

This page contains the tax table information used for the calculation of tax and payroll deductions in Mongolia in 2024. These tax tables are used for the tax and payroll calculators published on iCalculator™ MN, these tools are provided for your free use on our website. If you would like additional tax table information added to the tax calculators for Mongolia or would like to add to or suggest amendments to the information herein then please contact us.

Mongolia Personal Income Tax Tables in 2024

The Income tax rates and personal allowances in Mongolia are updated annually with new tax tables published for Resident and Non-resident taxpayers. The Tax tables below include the tax rates, thresholds and allowances included in the Mongolia Tax Calculator 2024.

In Mongolia, social security contributions made by employees are deductible from their gross income for the purposes of calculating taxable income. This means that the amounts contributed towards social security by employees can reduce their taxable base, potentially lowering the amount of personal income tax owed. This provision supports the financial well-being of employees by allowing them to benefit from their contributions to the social security system while also enjoying a reduction in their tax liability.

Mongolia Social Security and Payroll Deduction Rates in 2024

In Mongolia, the social security system is a comprehensive framework designed to provide financial protection and support to employees across various life events, including retirement, health issues, work-related injuries, and unemployment. The system is funded through contributions from both employers and employees, covering several key programs to ensure the well-being of the workforce and their families.

The pension program is one of the fundamental components of Mongolia's social security system. Contributions made by both employees and employers fund retirement benefits, providing a source of income for individuals once they reach the retirement age. This program aims to ensure financial stability for retirees, allowing them to enjoy their retirement years with dignity.

Health insurance contributions are another critical element, offering coverage for medical treatments, hospitalization, and preventive health services. This ensures that employees and their dependents have access to necessary healthcare services, promoting the overall health and productivity of the population.

Work-related injury insurance provides compensation and medical care for employees who suffer injuries or illnesses due to their job. This includes coverage for temporary or permanent disability, rehabilitation services, and, in some cases, survivor benefits for the dependents of employees who die as a result of work-related incidents.

Unemployment insurance offers temporary financial support to individuals who lose their jobs, helping them to cover living expenses while they search for new employment. This component of the social security system aims to mitigate the impact of job loss, providing a safety net for workers during periods of unemployment.

In addition to these programs, Mongolia's social security system may include maternity and child care benefits, supporting employees during maternity leave and providing assistance for child care expenses. These benefits aim to help employees balance their work and family responsibilities, promoting the well-being of families.

Employers are responsible for withholding the appropriate social security contributions from employees' salaries and making their own contributions on behalf of their employees. These funds are then allocated to the various social security programs, ensuring the provision of benefits to eligible recipients.

The social security system in Mongolia faces challenges, including the need for sustainable funding and broader coverage, especially for workers in the informal sector. Efforts are ongoing to reform and strengthen the system, with the aim of enhancing the efficiency, coverage, and adequacy of social security benefits.

Understanding the structure and purpose of social security and payroll deductions is crucial for both employers and employees in Mongolia. It ensures compliance with legal requirements and provides a vital safety net for the workforce, supporting their financial and health-related needs.

Mongolia VAT Rates in 2024

VAT rates for Mongolia are reviewed annually, you can use the VAT Calculator to calculate VAT due in Mongolia or use the Reverse VAT Calculator to calculate the net cost of goods/services after deducting VAT.

Historic Tax Tables supported for Mongolia

The following tax tables are supported by iCalculator™ MN as part of the suite of free tax tools we provide for Mongolia.