Tax revenue reaches MNT656.4 billion in JanuaryEconomy
Ulaanbaatar/MONTSAME/. In January 2020, general government budget revenue amounted to MNT 767.7 billion by preliminary results, MNT 708.4 billion of which accounted for equilibrated revenue. In January 2020 for general government budget revenue structure, 92.3% was accumulated from equilibrated revenue.
Total expenditure and net lending amounted to MNT 641.3 billion, resulting in a surplus of MNT 67.2 billion in the equilibrated balance.
General Government budget revenue was comprised of 85.5% of tax revenue, 6.8% of non-tax revenue, 7.5% of the future heritage fund, and 0.2% of the stabilization fund.
In January 2020, tax revenue reached MNT 656.4 billion, increased by MNT 30.1 billion or 4.8% compared to the same period of the previous year. This growth was mainly affected by increases of MNT 77.5 billion or 63.9% in value-added taxes, MNT 18.4 billion or 14.6% in social security revenue, MNT 4.3 billion or 4.1 times in property tax, and MNT 121.9 billion or 7.6% in the income of special purposes. Other taxes showed decreases of MNT 50.0 billion or 45.3%, excise tax revenue by MNT 16.1 billion or 18.0%, income tax by MNT 4.0 billion or 3.3%, and MNT 0.3 billion or 0.4% in revenue from foreign activities. In January 2020, 17.5% of the total tax revenue was accumulated from income tax, 30.3% from value-added tax 22.0% from social security contributions, 10.0% from other taxes, 11.2% from excise taxes, 8.8% from foreign activity revenues.
In January 2020, value-added tax revenue increased by 10.9 points and social security contributions by 1.9 points, while income tax decreased by 1.5 points, other taxes revenue by 7.8 points, excise taxes by 3.1 points and foreign activity revenues 0.4 points as compared to the same period of the previous year.
In January 2020, general government budget expenditure and net lending increased by MNT 83.0 billion or 14.9% compared to the same period of the previous year, totaling up to MNT 641.3 billion by preliminary results. This was primarily affected by an increase of MNT 37.5 billion or 7.1% in current expenditure and MNT 49.7 billion or 2.6 times in capital expenditure.
General government budget expenditure and net lending was comprised 88.0% of current expenditure and 12.0% of capital expenditure. Current expenditure was comprised of 48.9% expenditure on goods and services, 44.8% current transfers 4 .9% interest and 1.4% of subsides.
By preliminary results of January 2019, capital expenditure amounted to MNT 80.2 billion, increased by MNT 49.7 billion or 2.6 times compared to the same period of the previous year. Capital repairs expenditure decreased by MNT 3.4 billion or 32.3% compared to the same period of the previous year, whereas construction expenditure increased by MNT 48.9 billion or 4.0 times, equipment expenses by MNT2.5 billion or 48.2 times, other capital expenditure and MNT 2.2 billion or 72.2% resulting an increase in the total capital expenditure.
Of the total capital expenditure, 81.5% account for construction expenses, 6.4% for other capital expenses, 3.2% for equipment expenses and 8.9% for capital repairs expenses. In January 2020, construction expenses increased by 27.3 points, capital expenses by 3.0 points, while renovation expenses by 25.6 points and other equipment expenses by 3.4 points as compared to the same period of the previous year.
Source: National Statistics Office