Tax revenue increased by 18.8 percent compared to previous yearEconomy
2019, general government budget revenue amounted to MNT 11.9 trillion by preliminary
results, with MNT 10.8 trillion of which accounted for equilibrated revenue. For
the 2019 general government budget revenue structure, 90.5% was accumulated from equilibrated revenue.
Total expenditure and net lending amounted to MNT 11.4
trillion, representing a deficit of MNT 627.8 billion in the equilibrated balance.
In December 2019, equilibrated revenue and grants of the General government budget reached MNT 1.1 trillion, increased by MNT 271.7 billion or 32.2% from the previous month and total expenditure and net lending reached MNT 2.2 trillion, increased by MNT 1.3 trillion or 2.5 times more from the previous month.
General Government budget revenue was comprised of 81.7% of tax revenue, 8.8% of non-tax revenue, 8.7% of the future heritage fund and 0.8% of the stabilization fund.
In 2019, tax revenue reached MNT 9.7 trillion, increased by MNT 1.5 trillion or 18.8% compared to the previous year. This growth was mainly affected by increases of MNT 460.8 billion or 22.1% in income tax, MNT 355.0 billion or 21.9% in social security revenue, MNT 288.0 billion or 13.1% in value added taxes, MNT 205.2 billion or 28.8% in other taxes, MNT 109.0 billion or 14.4% in excise taxes and MNT 107.7 billion or 15.8% in revenue from foreign activities.
In 2019, 26.1% of the total tax revenue was accumulated from income tax, 25.5% from value added tax 20.3% from social security contributions, 11.2% from other taxes, 8.9% from excise taxes, 8.1% from foreign activity revenues. The 2019 income tax revenue increased by 0.7 points, other taxes by 0.6 points and social security contributions by 0.5 points, while value added tax decreased by 1.3 points, excise taxes revenue by 0.3 points and foreign activity revenues 0.2 points as compared to the previous year.
In 2019, general government budget expenditure and net lending increased by MNT 2.2 trillion or 23.9% as compared to the previous year, totaling up to MNT 11.4 trillion by preliminary results. This was primarily affected by an increase of MNT 859.7 billion or 11.7% in current expenditure, MNT 136.2 billion or 51.0% in net lending and MNT 1.2 trillion or 75.3% in capital expenditure.
General government budget expenditure and net lending was comprised 71.8% of current expenditure, 24.7% of capital expenditure and 3.5% of net lending. Current expenditure was comprised 48.6% expenditure on goods and services, 37.3% current transfers, 10.5% interest and 3.6% of subsides.
By preliminary results of 2019, capital expenditure amounted to MNT 2.8 trillion, increased by MNT 1.2 trillion or 75.3% from previous year. Equipment expenditure decreased by MNT 22.7 billion or 10.8% compared to previous year, whereas construction expenditure increased by MNT 1.1 trillion or 2.1 times more, renovation expenditure increased by MNT 77.9 billion or 91.7%, other capital expenditure decreased by MNT 22.7 billion or 7.3%, strategic resource expenditure decreased by MNT 7.4 billion or 61.0% resulting an increase in the total capital expenditure.
Of the total capital expenditure, 75.1% accounts for construction expenses, 11.8% for other capital expenses, 6.6% for equipment expenses, 5.8% for renovation expenses and 0.7% for strategic resource expenses. The 2019 construction expenses increased by 13.4 points and renovation expenses by 0.5 points, while other capital expenses decreased by 7.5 points, equipment expenses by 6.5 points and strategic resource expenses by 0.1 points as compared to the previous year.
Source: National Statistics Office of Mongolia