IFS was established in 2003 by a group of accomplished professionals to provide tax advisory services. Since then, committed to serving our customers even better, we have been continuously expanding the range of our services. In addition to our core competence of accounting, taxation and business consulting, we are now in position to offer economic research and feasibility studies getting closer to our goal – provider of total business solutions tailored to our individual customer needs.
The management team comprises of professionals educated in renowned universities of US, Japan and
Australia, and has extensive experience in accounting, internal and external financial reporting, taxation and tax planning.
Our team of chartered accounts is proficient in following:
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Mongolian tax laws
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Working with original source documents
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Preparation of financial statements, VAT, corporate tax and payroll
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“Pyramid” and “Proactive” accounting software
Combining education, expertise with local market knowledge and experience of working in Mongolian legal system, we are the right choice for turning for financial and accounting services whether you are a local or international company. As our name indicates, we provide financial solutions integrated in unique needs of your business. We are committed to adding value to our clients’ business through our excellent services.
We provide our services in four main areas:
 ACCOUNTING SERVICES
 PAYROLL SERVICES
 TAX ADVISORY
 BUSINESS SUPPORT
ACCOUNTING SERVICES
 Accounting outsourcing
 Your personal accountant(s)

Accounting outsourcing
If you are an SME or local branch office of an international company, in-house accounting may not be the right option. Maintaining accounting department requires hiring and training accountants, compensating them on a full-time basis, adding to your fixed costs even during the off-season.
A better option is to outsource accounting and bookkeeping tasks to our professionals at IFS at a much lower cost. By outsourcing these time-consuming and grunt responsibilities to IFS, you can focus more on your core business – things that you do best. Onsite or through media communications, we deliver you the best results with the highest level of professionalism, accuracy, and timeliness.
Even if you have your own accounting department, we offer our services to supplement your staff during the peak season to save time and lessen the burden. IFS can provide you with a customized package service specifically for your needs. IFS accounting and bookkeeping services include:
Monthly Bookkeeping & Accounting Outsourcing
 Accounts payable/cash disbursement processing
 Accounts receivable/cash receipts processing
 Monthly bank reconciliations
 Financial analysis and management reporting
 Fixed asset accounting
 General ledger maintenance
 Payroll processing and reporting
 Generate trial balance and financial statements
Preparation and review of Annual & Quarterly Accounting & Tax Services
 Financial Statement (Annual & Quarterly)
 VAT return (monthly)
 corporate tax returns (quarterly)
 Payroll tax return
 Social & health insurance reports (monthly)
Your personal accountant(s)

By working with IFS, you will have an assigned personal accountant or a team who will work with you on a full-time equivalent. We can bring the service to your office or work offsite through media communication depending on your preference. Through your personal accountant(s), you will receive:
 Complete dedication
 Personalized service
 Constant and secure communication
 Compliance with your accounting and bookkeeping requirements
 Quick turnaround
Your personal accounts at IFS will work for you full time without the full time compensation and use of your resources. For accounting software solution, we use Pyramid and Proactive, two of the most popular and reliable general business accounting software, approved by the Ministry of Finance in
Mongolia.
PAYROLL SERVICES
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Payroll outsourcing
Shadow payroll
Payroll Outsourcing
Payroll processing is a daunting task that demands significant time and effort for precision and meeting deadline. In addition to calculating the salaries accurately, deductions, tax deposits and returns need to be filed precisely and on time. Stiff penalties are probable if payroll calculations are delayed or are erroneous.
It is estimated that one out of every three employers has been found guilty of making errors in computing payroll figures and consequently charged with penalties that amount to millions.
You can eliminate these risks simply by outsourcing payroll processing to IFS. Our customized payroll processing solutions will free up ample time for you to focus on your core business.
IFS payroll outsourcing helps you tackle two major burdens:

 time spent processing the payroll
 liabilities associated with payroll
We offer complete payroll service including calculation of wages and salary , withholding of taxes, the distribution of social security deduction to the proper government agencies, and the direct deposit of net pay into the bank accounts of employees.
Shadow Payroll
Companies employing expatriates who are remunerated abroad are confronted with payroll processing requirement even though actual salary is not paid locally. This burden is especially cumbersome if a routine system for shadow payroll is not already in place. Salary is often structured differently and in foreign currencies, adding intricacy to already tedious process.
With IFS’ shadow payroll services you can delegate above responsibilities to our experienced and skilled professionals. Let us take the responsibility while you:
 avoid extra cost and time to train your staff for processing shadow payroll
 prevent possible errors thus unnecessary financial and operational risks
 focus on running your core business
TAX ADVISORY SERVICES
 Tax compliance
 Pretax audit
 Expatriate services
 Employee issues
 Personal tax services
 Tax planning

Tax Compliance
IFS provides a tailored, risk-focused approach to help you meet your corporate tax compliance obligations in Mongolia. These obligations can mean array of requirements depending on the industry and nature of your business. Substantial management is dedicated to this tiresome but important aspect because of increased reporting requirements, a more investigative approach by the tax authorities.
Failure of compliance results in harsh financial penalties as expected.
Our professionals will help you minimize your taxes paid by ensuring you benefit from all applicable tax breaks within the framework of relevant tax legislations. We will help you plan your activities in a taxefficient manner before they are carried out. In addition, with our services you can save time spent dealing with tax-related duties, such as preparation of tax returns, and back and forth dialogue on queries from the tax authorities. Our professionals are able to consult you on issues related to direct and indirect taxes of Mongolia:
 corporate tax
 individual tax
 corporate income tax
 custom duty
 value added tax
 withholding tax
 social security and others
Pretax audit
A few business executives will list an audit by the Tax Authority as one of their favorite experience.
Although we believe that most companies do not try to attempt tax evasion, an honest error or oversight could cause a serious trouble if deemed deliberate. That is why we help our clients be better prepared for periodical tax audits by performing pretax audit.
With significant experience with tax audits, our professionals will check your financial records, forms and other source documents thoroughly just as tax authority personnel would. After our review, will you not

only be worry-free of any mishaps, but will also be spared of excessive time and effort spent during the actual audit.
Expatriate Services
IFS offers an extensive range of compliance, advisory and administrative services to international organizations to help them minimize the cost of employing expatriates in Mongolia.
We consult on development of expatriate policies and related remuneration packages, cross-border solutions, reviews of international assignment procedures, assignment management services, tax, social security, immigration and human resources advice, completion of tax returns for assignees, and advanced technology-based solutions.
Expatriate services are delivered by our professionals with expertise in international tax, international human resource areas and visa services.
IFS will assist with the design and delivery of relocation and repatriation policies for domestic and international assignments of various terms. We can incorporate your organization’s culture in these policies to support your business objectives by:
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 benchmarking international assignment policies on a country or industry basis drafting tax equalization or protection policies providing tax compliance services for employers and expatriates
Employee Issues
Our professionals are highly knowledgeable and experienced dealing with the complexities inherent in salary packaging and process design. We can review and consult on your current policies and procedures to not only stay consistent with current practices in your industry, but also foster efficiency and tax effectiveness in your remuneration arrangements. Our professionals have significant experience in:
 employment structures
 remuneration packaging

 salaries tax compliance reviews
 severance arrangements
 equity-based compensation
Personal Tax Services
Whether you are a local hire or an expatriate on international assignment, IFS can help you with your personal tax obligations. We review our clients' employment packages and help structure them to minimize all applicable taxes while meeting the latest personal tax compliance requirements in
Mongolia. We can help you in following areas:
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 local personal tax planning cross-border personal tax planning estimation of taxes payable preparation of individual tax returns
Tax Planning
IFS can help businesses achieve tax efficiency in their regional and multinational operations with practical advice on establishing new ventures and taking on contracts. This is achieved through structuring overseas transactions, managing effective tax rates and maintaining compliance with tax and trade regulations in Mongolia.
We help you identify and employ the best commercial strategies in order to effectively tackle tax issues associated with your business activities. We also have professionals with expertise on structured finance who can help multinational companies to deploy their capital tax efficiently.
BUSINESS SUPPORT SERVICES

 Internal control
 Due diligence service
 Litigation support
 Start-up services
 Legal service
 Executive support
Internal Control
Internal control is an integral part of running business to manage organizational and strategic risk. Our internal control service helps you achieve just that in an efficient and effective manner.
By outsourcing or co-sourcing your internal audit function to IFS, you will be able to identify leading practices, cost reduction methods, and opportunities to increase the profit.
In a co-sourcing arrangement, we support your organization's internal audit team with experienced audit professionals who possess industry knowledge and operational experience, such as procurement or inventory management. On the other hand, through outsourcing, we will be your audit team using
IFS's methodology, technology and staff to assume responsibility for performing all internal audit activities.
In addition, IFS can work with you to set up an internal audit, or develop your current audit practices.
Our internal audit service helps customers transform their internal audit into an essential tool that can deliver strategic business information to create most value.
Due Diligence Service
Whether you are looking to invest in another company, planning for an IPO, or in discussion regarding possible M&A, you can benefit from IFS’ financial due diligence service. Capitalizing on our knowledge of the local requirements for business operations, we can conduct a thorough check including required licenses, various compliance with relevant regulations. With our due diligence report, you will have a complete picture of the target subject before committing.

Litigation Support
IFS specialists can assist in arbitration, mediation, settlement negotiations and trial. We bring insights drawn from the industry experience in local market including banking and finance, healthcare, technology, manufacturing, energy, retail, wholesale, service, and real estate sectors.
Analysis of tax implications is essential during a litigation process. Our professionals possess expertise to monitor and interpret the intricate environment of ever-changing tax laws and their effect on specific settlement cases.
Drawing on our diverse professional background and focused valuation and litigation expertise we can help you achieve the most favorable settlement.
Start-up services
IFS' professionals can consult you regarding costs and benefits for the selected type of business entity, including tax ramifications, legal protections and various employee benefits options. We can help complete and submit state applications for registration numbers as well as assist in the application process for various business licenses.
Our professionals can also give valuable professional opinions on accounting and database software selection, customization and implementation. We can set up the chart of accounts and provide staff training for newly implemented procedures and software.
Legal service
One of the objectives at IFS is to help protect the rights and interests of our clients in Mongolian legal environment, an unfamiliar territory for most of our international clients. Through our partnerships with legal firms, we are able to provide legal advices and business consulting services to our clients in various

industries.
We are planning to expand the scope of our legal services in the future through forming partnerships with professionals in relevant fields as well as self-development in new areas.
Executive Support
In case your local office currently lacks such capacity or has other more important urgent tasks at hand, we can deliver following logistical service for your international executives:
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Travel arrangements
Airport pickup and transfer
Accommodation arrangements for short and long term stay
Expatriate residency visa and work permission