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Press statement by Mongolia s Tax Authority regarding tax audit of Oyu Tolgoi LLC

2020-12-24 17:35:56 Ulaanbaatar /MONTSAME/. On 23 December 2020, General Taxation Authority of Mongolia issued a press statement regarding the tax audit of Oyu Tolgoi LLC. The statement reads: Similar to many other countries’ designated tax administrators, the Mongolian Tax Authority (“MTA”) conducts a periodic audit of tax returns filed by companies within its jurisdiction to ensure the proper application of domestic tax laws and the satisfactory compliance of certain international transfer pricing principles, such as the OECD Transfer Pricing Guidelines for Multinational Enterprises and Tax Administrations and Actions 8-10 of the BEPS Framework (the “ International Rules”).  The MTA has recently completed an audit of Oyu Tolgoi LLC’s 2016-2018 tax returns and identified a number of violations and breaches of relevant laws and the International Rules. As a result, Oyu Tolgoi LLC was notified of MNT 649.4 billion (approximately US$228 million) of add

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