Cabinet passes resolution on list of tax exempt equipment to support startups

Cabinet passed a resolution on a list of customs duty as well as excise tax exempt devices and equipment, necessary for the production of innovative startup businesses. Specifically, eleven startup companies’ 113 types of equipment valued at 2.59 billion MNT were specified in the resolution to be exempt from taxes.

These startups have been founded in accordance with Cabinet resolution no. 374 dated 2014, on establishing startup businesses besides scientific institutions. It is forecasted that these companies will earn 74.1 billion MNT in sales revenue over the next three years and that seven out of the 11 startups will manufacture import-substituting products worth 7.55 billion MNT in that same period.

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