Tax refunds to be issued in April

Taxpayers who properly submitted their 2016 tax forms before January 20 will be receiving a sum total of 868 billion MNT in income tax returns in April.

In accordance with the Law on Personal Income Tax, a total of 74,222 taxpayers submitted their 2016 taxes to the Mongolian Tax Authority to receive residential and tuition refunds.

A total of 45 billion MNT was paid in excess of income taxes due. Compared to last year, this figure increased by 500 million MNT paid by 503 taxpayers.

Taxpayers who submitted their tax forms after January 20 but before February 20 will receive tax refunds by the end of June.