Notice to Shareholders

20.05.2019


We hereby notify our foreign shareholders that non-resident business entities and non-resident individuals are subject to withholding tax at the rate of 20% under clause 17.2.9 of the Corporate Income Tax (CIT) and Article 7 of the Personal Income Tax (PIT) of Mongolia.

However, you may be entitled to a reduced tax applicable under a double taxation agreement or a 10% tax if you are a permanent resident taxpayer of Mongolia as specified in Article 6 of the PIT law.

To be entitled to such tax reduction, you are hereby requested to provide to the Board Secretariat of APU JSC the following document before 31 July 2019:

  • Tax Residency Certificate for a foreign business entity that is a taxpayer in a country with a double taxation agreement with Mongolia.
  • Proof of permanent residence for an individual which may include Title of real estate ownership in Mongolia under his/her own name (notarized copy), or evidence of being physically present in Mongolia for 183 days or more in the applicable tax period, or proof of appointment as a civil servant of Mongolia to work overseas.

In the absence of afore-mentioned documents, the 2018 declared dividend (46 MNT per share) will be paid after withholding 20% tax; payment to take place after cut-off date of 1 August 2019.

The Board Secretariat contact details are below:

Tel: +976-11-344336 (extention 338);

Email: ariunsan.ch@apu.mn, myagmar.b@apu.mn.

The Board Secretariat of APU JSC

Date: 17 May 2019