A Comparative Study of Corporate Income Tax between China and Mongolia

Abstract

Taxation is the main source of revenue for any national budget and an important tool for regulating the economy and business environment. Corporate income tax constitutes the national finance by levying a certain percentage of taxes on the income generated by corporate activities, and affects many factors such as economic growth, investment, innovation and jobs. Mongolia and the People's Republic of China have different economic structures, development levels and legislative principles, but both countries regard corporate income tax as a pillar of economic policy. The revised corporate income tax law adopted by Mongolia in 2020 aims to create a more transparent and competitive tax environment. The People's Republic of China, on the other hand, focuses on supporting the development of high-tech industries and regions through tax policies within the framework of the Corporate Income Tax Law implemented in 2008.This study aims to compare the corporate income tax laws and regulations of Mongolia and China, find out their similarities and differences, and put forward suggestions for legal reform and improvement suitable for Mongolia's national conditions.