Mongolia to cut the interest income tax

May 20 • Banking, Economy, Featured • 3595 Views • No Comments on Mongolia to cut the interest income tax

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Following the high inflation rate in the country the interest rate of saving account is high in Mongolia around 12%-14% annually. Also, if you save in USD it will be around 4-6% annually. However, there is a high interest income tax for foreigners who save in dollars. Today, Mongolian government and the Central Bank is discussing on removing the tax burden to attract more account holders in Mongolian Banks. Perhaps it is one of the measures the government is taking to attract foreign currency inflows.

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