Tax revenue increases by 21.8 percent in the first quarterEconomy
Ulaanbaatar/MONTSAME/. In the first quarter of 2019, total equilibrated revenue and grants of the General Government Budget amounted to MNT 2163.4 billion and total expenditure and net lending amounted to MNT 1969.1 billion, resulting a surplus of MNT 194.3 billion in the equilibrated balance.
In March, equilibrated revenue and grants of the General Government Budget reached MNT 709.1 billion, decreased by MNT 54.7 billion or 7.2 percent, whereas total expenditure and net lending reached MNT 816.8 billion, increased by MNT 222.7 billion or 37.5 percent from the previous month.
In the first quarter of 2019, tax revenue reached MNT 1971.5 billion, increased by MNT 353.4 billion or 21.8 percent compared with the same period of previous year. This growth was mainly affected by increases of MNT 125.3 billion or 30.4 percent in income tax, MNT 94.6 billion or 27.5 percent in social security revenue, MNT 56.6 billion or 36.1 percent in other tax, MNT 48.9 billion or 29.7 percent in excise taxes, MNT 29.7 billion or 23.8 percent in revenue from foreign activities and MNT 0.7 billion or 0.2 percent in value added taxes.
General Government budget revenue was comprised of 81.0 percent of tax revenue, 7.9 percent of non-tax revenue, 10.5 percent of the future heritage fund and 0.6 percent of the stabilization fund.
In the first quarter of 2019, total expenditure and net lending of the General Government Budget according to the preliminary results amounted to MNT 1969.1 billion, increased by MNT 132.5 billion or 7.2 percent compared with the same period of previous year. This increase is mainly due to MNT 179.9 billion or 11.1 percent increase in current expenditure, even though interest expenditure decreased by MNT 59.0 billion or 25.6 percent, capital expenditure decreased by MNT 42.1 billion or 20.0 percent and subsidies decreased by MNT 23.8 billion or 31.4 percent. General Government Budget expenditure and net lending was comprised of 91.5 percent of current expenditure and 8.5 percent of capital expenditure.
Source: National Statistics Office of Mongolia