Tax revenue increases by MNT1.4 trillionEconomy
Ulaanbaatar/MONTSAME/ In the
first 9 months of 2018, total equilibrated revenue and grants of the General
Government Budget reached MNT 6.5 trillion and total expenditure and net
lending amounted to MNT 6.3 trillion. In the first 9 months of 2017, the
equilibrated balance was in deficit of MNT 737.9 billion, however, it is in
surplus of MNT 241.7 billion. In September 2018, equilibrated revenue and
grants of the General Government Budget decreased by MNT 65.3 billion and total
expenditure and net lending increased by MNT 223.3 billion, compared to
Tax revenue reached MNT 5.8 trillion, increased by MNT 1.4 trillion or 31.8 percent compared to the same period of the previous year. This growth was mainly affected by increases of MNT 380.1 billion or 32.9 percent in value added tax, MNT 328.6 billion or 30.3 percent in income tax, MNT 213.9 billion or 23.1 percent in social security income, MNT 190.4 billion or 52.8 percent in excise taxes, MNT 137.4 billion or 39.1 percent in revenue of foreign activities and MNT 131.1 billion or 31.9 percent in other taxes, even though there was decreases of MNT 5.7 billion or 27.3 percent in Grants and Transfers and MNT 0.3 billion or 2.7 percent in Income of special purposes and 0.2 billion or 29.9 percent in Capital revenue.
The General Government revenue accounted for 80.6 percent of tax revenue, 10.2 percent of non-tax revenue, 6.8 percent of the future heritage fund and 2.5 percent of stabilization fund. In the first 9 months of 2018, total expenditure and net lending of the General Government Budget amounted to MNT 6.3 trillion, increased by MNT 502.0 billion or 8.7 percent compared to the same period of the previous year. This growth was affected by increases of MNT 323.9 billion or 6.7 percent in current expenditure, MNT 141.1 billion or 99.5 percent in net lending, MNT 36.9 billion or 4.6 percent in capital expenditure and decreases of MNT 33.6 billion or 4.3 percent in Interest and MNT 28.0 billion or 15.4 percent in Subsides compared to the same period of the previous year. The General Government expenditure and net lending accounted for 82.1 percent of current expenditure, 13.4 percent of capital expenditure and 4.5 percent of net lending.