Tax revenue increased by 22.7 percent, reaching MNT 5.5 trillionEconomy
Ulaanbaatar /MONTSAME/. The National Statistical Office of Mongolia (NSO Mongolia) released a report on the social and economic situation of Mongolia in the first seven months of 2019. The total equilibrated revenue and grants of the General government budget amounted to MNT 6.0 trillion and total expenditure and net lending amounted to MNT 5.5 trillion, resulting in a surplus of MNT 535.3 billion in the equilibrated balance. In July 2019, equilibrated revenue and grants of the General government budget reached MNT 1134.6 billion, increased by MNT 186.1 billion or 19.6% from the previous month whereas, total expenditure and net lending reached MNT 791.5 billion, decreased by MNT 110.9 billion or 12.3% from the previous month.
Tax revenue reached MNT 5.5 trillion, increased by MNT 982.9 billion or 22.7% compared with the same period of previous year. This growth was mainly affected by increases of MNT 357.9 billion or 30.9% in income tax, MNT 238.9 billion or 28.0% in social security revenue, MNT 143.4 billion or 12.5% in value added taxes, MNT 97.8 billion or 22.4% in other tax, MNT 91.3 billion or 22.0% in excise taxes and MNT 72.3 billion or 19.7% in revenue from foreign activities.
General Government budget revenue was composed of 80.9% of tax revenue, 8.1% of non-tax revenue, 10.5% of the future heritage fund and 0.5% of the stabilization fund. In the first 7 months of 2019, total expenditure and net lending of the General government budget increased by MNT 738.9 billion or 15.5% compared with the same period of previous year. This increase was mainly due to MNT 504.3 billion or 12.6% increase in current expenditure and MNT 306.3 billion or 54.5% increase in capital expenditure. General government budget expenditure and net lending was comprised of 82.1% of current expenditure, 15.8% of capital expenditure and 2.1% of net lending.
Source: National Statistics Office of Mongolia