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The State Great Khural (Parliament) has approved Mongolia’s long-awaited Tax Reform Package, introducing a series of measures aimed at improving the business environment, reducing the tax burden on households and SMEs, and strengthening economic growth.

• 💰 Under the new legislation, individuals earning up to MNT 792,000 per month will be exempt from personal income tax. In addition, the VAT registration threshold has been raised significantly from MNT 50 million to MNT 400 million, providing relief for small and medium-sized businesses.

• 📈 The reform also introduces a more favorable corporate income tax structure for smaller businesses, while simplifying tax administration, improving taxpayer services, and limiting unnecessary enforcement actions against compliant taxpayers.

• 🏢 The government estimates that the tax package could increase Mongolia’s economic growth by approximately 0.7 percentage points, while enhancing private sector competitiveness and encouraging formal business activity.

📅 Most of the new tax measures are scheduled to take effect on January 1, 2027, with selected provisions becoming effective earlier under the revised legislation.

💡 Ard Insight

The tax reform represents one of Mongolia’s most significant fiscal policy changes in recent years. If implemented effectively, it could improve the investment climate, support SMEs, expand the formal economy, and strengthen long-term economic growth.

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There's More Art in a Swiss Warehouse Than in the Louvre. Here's Why That Matters.

1.2 million works worth around $100 billion. All locked away by collectors with no intention of exhibiting them. More art sits in the Geneva Freeport than in the Louvre. 

The reason? It's the world's largest tax-free vault. Works are traded inside without ever crossing a border or appearing in any public record.

When that much inventory is effectively off the table, anytime something does circulate, it’s a rare occasion.

Just a three hour drive away, the world’s premier international art fair is one of those occasions. Art Basel is this month and needless to say, things will move fast. Serious collectors will make their transactions before doors even open to the wider public.

Masterworks' acquisition committee — former specialists from Sotheby's and Christie's — operate in that window. Purchased artworks here can even become the offerings that Masterworks members fractionally invest in. 

Their track record to-date?

• $1.3B deployed across 530+ artworks featuring Banksy, Basquiat, Picasso, and Warhol

• 29 sales to date

• Net annualized returns like 16.5%, 17.6%, and 17.8%, not including those unsold*

Skip the waitlist to become a member.

^{Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.}