Ulaanbaatar
MNT 32.9 billion distribution for VAT refund
PoliticsUlaanbaatar /MONTSAME/ Following the new amendments to the law on Value added tax, for the first time, 462 thousand value-added tax payer-individuals have received MNT32.9 billion for reimbursement of up to 20 per cent of VAT.
620.409 citizens registered their payment receipts in an online unified payment record system www.ebarimt.mn website in the whole year of 2016. According to the General Taxation Office, 482600 VAT payer-individuals are eligible to get MNT34.5 billion for reimbursement.
However, 138 thousand of them have not confirmed their private information and 21 thousand had put incorrect information including bank account number with mismatching name or wrong bank account number. They have time to correct their information till February 15.
The General Taxation Office reported that a total of MNT1.5 trillion tax was collected for the state budget in 2016, of which MNT555.2 billion or 35 per cent was VAT. It means VAT income grew up by MNT70 billion compared to that in 2015.
