Under the Mongolian tax laws, the taxation of income from virtual asset services is outlined in both the Corporate Income Tax (CIT) Act and the Personal Income Tax (PIT) Act. Here are the key points regarding the taxation of service providers:
Corporate Income Tax (CIT):
1. Determination of Taxable Income:
2. Calculation of Taxable Income:
3. Tax Rates:
Personal Income Tax (PIT):
1. Taxpayer Status:
2. Taxable Income:
3. Calculation of Taxable Income:
4. Tax Rate:
The taxation of income from virtual asset services in Mongolia is subject to the Corporate Income Tax (CIT) Act for service providers and the Personal Income Tax (PIT) Act for individuals. Virtual asset service providers are subject to CIT based on the specific income categories mentioned in the law. Individual taxpayers are liable to pay PIT on their income from trading cryptocurrencies and dollars on foreign exchanges. It is crucial for taxpayers to understand their tax obligations and report their income accurately to avoid potential issues with tax authorities.
https://legalinfo.mn/mn/detail?lawId=16390242606091
https://business.mn/2022/06/09/koinii-ariljaand-oroltsogchid-herhen-tatvar-tuluh-ve/
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