Government Budget balance results in deficit of MNT 2.6 trillionEconomy
Ulaanbaatar /MONTSAME/ In the first 11 months of 2016, total equilibrated revenue and grants of the General Government Budget amounted to MNT 5,059.4 billion and total expenditure and net lending amounted to MNT 7,736.7 billion, representing a deficit of MNT 2677.3 billion in the balance.
Total expenditure and net lending of the General Government Budget reached MNT 7,736.7 billion, which indicates an increase by MNT 1,604.3 billion (26.2%) compared to the same period in 2015.
Tax revenue reached MNT 4,413.8 billion which showed an increase by MNT 73.8 billion (1.7%) compared to the same period of the previous year. This growth was mainly due to increases in social contributions by MNT 118.6 billion (13.0%), value added tax – MNT 80.8 billion (8.8%), in excise tax –MNT 50.9 billion(9.5%), in income tax—MNT 20.4 billion(2.3%), while other taxes and non tax revenue decreased by MNT 214.8 billion (30.1%).