On 22 March 2019, the Parliament of Mongolia (the “Parliament”) enacted the “Revised General Law on Taxation” replacing the old one that was enacted back in 2008. Article 18 of the revised law introduced the guidelines for the Mongolian tax authority in exchanging of [tax payer] information with the competent authority of a foreign country with which Mongolia has signed a tax treaty. One of the information that may be exchanged is information on the “beneficial owner” of legal entities.

Client-Alert-Registration-of-Ultimate-Controllers_Eng Jan 2020