Information about Mongolia Minimum wage and taxes.

As of 2021, the minimum wage in Mongolia has been determined as 420,000 Mongolian tugriks (MNT) per month. This amount corresponds to approximately 150 US dollars. The tax burden on employees in Mongolia is quite low. The income tax rate is set at 10% of annual income. However, this tax rate increases to 20% for individuals with annual income above MNT 10 million (approximately USD 3,550). Additionally, social security contributions are also paid in Mongolia. Employers are obliged to pay 10% of their employees' gross wages as social security premiums. Employees pay 10% of their gross wages as social security premiums. Mongolia also imposes a value added tax (VAT). The general VAT rate is 10%. However, 0% VAT is applied for some basic needs and services. This information is information about minimum wages and taxes in Mongolia, valid as of 2021. However, since tax and fee policies may be updated from time to time, it is useful to verify the most up-to-date information from competent authorities or experts.

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