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Mongolia has seen a steady growth in its economy over the past few years. According to the World Bank, the country's GDP grew by 5.1% in 2019, and is projected to grow by 4.2% in 2020. The country's inflation rate has also been relatively low, averaging around 4.2% in 2019. The unemployment rate in Mongolia is also low, at 4.2% in 2019. The country has also seen an increase in foreign direct investment, with a total of $1.3 billion in 2019. This has helped to boost the country's economy and create jobs. Overall, Mongolia's economy is on a positive trajectory and is expected to continue to grow in the coming years.


Taxation in Mongolia is administered by the General Department of Taxation, which is responsible for collecting taxes from both individuals and businesses. The tax system in Mongolia is progressive, meaning that higher earners are taxed at higher rates. 

For individuals, income tax rates range from 10% to 25% based on income brackets. The tax year in Mongolia runs from January 1st to December 31st, and individual tax returns are due by March 31st of the following year. 

For businesses, corporate income tax rates are generally 25%, with a lower rate of 10% for certain small businesses. There are also various other taxes and fees that businesses may be subject to, such as value-added tax (VAT), social security contributions, and mining royalties. 

Tax payments can be made online or in person at a tax office, and penalties may apply for late or incorrect payments. The government of Mongolia also offers various tax incentives and exemptions to encourage investment in certain sectors and regions.

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