Inspection of VAT documents in Markets & Wholesale Centers

Inspection of VAT documents in Markets & Wholesale Centers

On Jan.15 & Jan.16, AFCCP and General Department of Taxation will inspect the issuance of VAT documents at Khuchit Shonkor Market, Narantuul Maket and centralized meat wholesale centers in Chingeltei District.

Value Added Tax Law (VAT), came into force in 2016. According the law, Tax administration of Mongolia made it possible to develop electronic payment receipts and issue VAT receipts from seller to consumer by all possible means.

Based on observation and possible complaints, VAT document wasn’t issued to the consumers in most of the market areas especially in meat markets.

What is VAT ?

Value-added Tax at the rate of 10% is imposed on the supply of goods, works, services and imported items sold in Mongolia. Any entity or individual with sales revenue subject to VAT that exceeds 50 million MNT annually.

For Example, if a consumer buys 1 million MNT worth of meat, then VAT will be 10% of the amount. Total billed amount will be 1.1 million MNT.