National lottery boosts VAT revenue by 25%
Revenue generated by VAT has risen 25 percent over the last two years, a new study revealed.
Experts emphasized that the VAT lottery contributed significantly to this increase and that the system has also helped reduce the “shadow” economy, and dramatically improve the tax registration and inspection system.
By August this year, the VAT performance had nearly reached the year’s full performance.
Revenue from VAT of domestically produced products is predicted to hit 1.04 trillion MNT, exceeding this year’s expectations by almost 70 percent in 2019.
Authorities predicts it can further boost VAT revenue by improving the online tax registration service. They’re planning to connect the online receipt registration system with state agencies, facilitate services, develop simplified report for taxpayers, and develop a new system to develop standard encoding for import and export products.