The Supreme Court of Mongolia’s Latest Ruling on Article 30.2 of the Corporate Income Tax Law Image by Canva.com The Supreme Court of Mongolia recently issued a landmark decision on the indirect transfer tax rule under the Corporate Income Tax Law (the “CIT Law”), ruling that the tax applies to any transfer of shares, regardless of the percentage, by an existing ultimate beneficial owner (“UBO”) of a license-holding entity. Under the General Taxation Law, a UBO is defined as

Image by Canva.com As the Mongolian economy continues to draw cross-border financing, taking security over Mongolian assets remains a key concern for foreign lenders and international financial institutions. Common collateral includes immovable property, mineral licenses, and both tangible and intangible movables. This overview outlines the statutory framework under Mongolian law for creating and perfecting security interests. 1. Creating and Perfecting Security Interests U

image by magnific.com Nearly two decades after the 2007 Renewable Energy Law, Mongolia has overhauled the rules for building renewable energy facilities and has organized its first auction. Until 2019, renewable energy project developers were required to determine the location, capacity, and resource type of their proposed energy generation facilities. Under the then-existing regulatory framework, the developers applied for a special permit to construct the renewable facility