Ulaanbaatar
State Budget revenue reached MNT 5 trillion in 2017
Economy
Ulaanbaatar /MONTSAME/ Economic growth in 2017 has been at 3.8 percent against 1.2 percent in 2016 according to preliminary performance report. Specifically, agriculture has risen by 4.4 per cent, while service saw 8.5 percent increase. Head of State Fund Department at Ministry of Finance S.Narantsogt presented Mongolia’s economic performance for 2017.
Though exploitation amount of coal, iron ore, gold and zinc mining has grown, decline of amount of concentrate of Oyutolgoi mine and its content of copper and gold led to 7.8 percent fall in mining sector.
Export exceeded MNT 6.2 billion for the first time, and a surplus of MNT 1.9 billion in trade balance was recorded. Direct foreign investment reached MNT 1.2 billion and purchase of 20 tons of gold was made. Payment balance exceeded one billion and foreign reserves reached USD 3 billion.
In addition, State Budget revenue in 2017 has reached an unprecedented MNT 5 trillion, financing 98 percent of budget costs. What’s more, foreign investment has doubled in amount last year. "We can conclude that these positive outcomes came about due to donor countries’ diligence in transferring the promised support on time. Remaining balance of 2017 State Budget was MNT 405 billion, an amount unheard of in the last 5 years," noted Mr Narantsogt.
Additionally, Minister of Finance Ch.Khurelbaatar informed about the ongoing tax reform. He said, “Government is working on launching second stage of tax reform in order to improve business and investment climate, as well as to meet tax laws with international standards. Small and Medium Enterprises with incomes within MNT 50 million will now pay 1 percent tax. We also decided to impose 25 percent tax from organizations with incomes above MNT 6 billion, as opposed to previous MNT 3 billion. Finally, with request from tax payer, tax payment time frame can now be extended to one year without any penalties.”
O.Onon
