Onch & Co. issues a newsletter on the upcoming tax law amendments
Onch & Company, a member of AmCham Mongolia has issued the following newsletter today regarding the upcoming changes made to the minimum wage in Mongolia. In a detailed newsletter, the leading audit company explains "Effective from 1 April, 2025, the monthly minimum wage is set to increase to 792,000 MNT. The current level is 660,000 MNT."
How this impacts businesses and employers:
• Social security - Employees’ social security contribution will be cap will increase to ₮910,800 per month starting 1 April 2025. Employers must withhold the correct amount April onwards.
• Costs of bringing foreign employees - The Government charges a monthly fee twice the monthly minimum wage for per foreign employees.
Onch & Company and its affiliated entities provide audit, risk advisory, tax, consulting, financial advisory, and research & training services in Mongolia.