On 1 June 2023, the Mongolian government submitted a proposal to Parliament to amend the CIT law, providing a tax credit for thermal and electric power production sector. According to the proposal, companies engaged in manufacturing primary and auxiliary equipment or machinery involved in producing thermal power of 1.5 megawatts or more, and/or electric power of 5 megawatts or more, will be eligible for a tax credit of 90% until 31 December 2029.