Mongolia
Overview of CbC reporting requirements
First reporting fiscal year: Commencing on or after 1 January 2020
Consolidated group revenue threshold: MNT1.7 trillion
Filing deadline: 12 months following the end of the reporting fiscal year
The domestic legal and administrative framework
It is recommended that Mongolia amend its legislation or otherwise take steps to ensure that provisions to enforce the effective implementation of CbC reporting requirements are provided for. This recommendation remains in place since the 2020/2021 peer review.
It is recommended that Mongolia take steps to amend its legislation or otherwise alter the threshold condition to bring it in line with the Action 13 minimum standard. This recommendation remains in place since the 2020/2021 peer review.
Mongolia’s domestic legal and administrative framework meets all other terms of reference.
The exchange of information framework
Mongolia has no bilateral relationships in place for the exchange of CbC reports nor processes to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework.
It is recommended that Mongolia take steps to have qualifying competent authority agreements in effect with jurisdictions of the Inclusive Framework that meet the confidentiality, consistency and appropriate use conditions and with which Mongolia has an international exchange of information agreement in effect that allows for the automatic exchange of tax information. This recommendation remains in place since the 2018/2019 peer review.
It is recommended that Mongolia take steps to implement the necessary processes or written procedures to ensure that the exchange of information is conducted in a manner consistent with the terms of reference relating to the exchange of information framework. This recommendation remains in place since the 2018/2019 peer review.
Appropriate use of CbC reports
Mongolia does not yet have controls in place to ensure the appropriate use of CbC reports.
It is recommended that Mongolia take steps to ensure that the appropriate use condition is met ahead of the first exchanges of information. This recommendation remains in place since the 2018/2019 peer review.