Tue, Jul 9, 2019
Following the announcement that it has joined the Inclusive Framework on BEPS1, the Mongolian Parliament has revised its transfer pricing regulations contained in General Taxation Law (“Revised GTL”) and associated guidelines, which adopts the three-tiered transfer pricing documentation requirement to align with the recommendations from OECD BEPS Action 13.
Highlights of the revised GTL include:
As the Revised GTL will take effect from January 1, 2020, it is expected that the Mongolian Tax Authority will soon issue transfer pricing implementation guidelines, which are expected to be broadly in line with the OECD Transfer Pricing Guidelines. Therefore, we strongly recommend that MNEs with operations in Mongolia undertake a transfer pricing review and follow the upcoming implementation guidelines to ensure they are able to meet their compliance obligations and manage their overall transfer pricing risk.
Read Transfer Pricing Times – June 2019
Source
1Mongolia joined the Inclusive Framework on BEPS on 3 January 2018 - https://www.oecd.org/countries/mongolia/
Our valuation experts provide valuation services for financial reporting, tax, investment and risk management purposes.
Kroll's team of internationally recognized transfer pricing advisors provide the technical expertise and industry experience necessary to ensure understandable, implementable and supportable results.