Tax revenue decreased by 15.8 percentEconomy
Ulaanbaatar /MONTSAME/ According to the preliminary results in the first half of 2020, the total revenue of the general government budget amounted to MNT 4.4 trillion, MNT 4.1 trillion of which accounted for equilibrated revenue. Total equilibrated revenue was 94.1% of general government budget revenue.
Total expenditure and net lending amounted to MNT 6.3 trillion, resulting in a deficit of MNT 2.2 trillion in the equilibrated balance. However, in June 2020, total revenue and grants of General Government budget reached MNT 794.7 billion, increased by MNT 97.7 billion or 14.0% and total expenditure and net lending amounted to MNT 1.4 trillion, decreased by MNT 226.0 billion or 14.1% compared to the previous month. General Government budget revenue was comprised of 85.8% of tax revenue, 8.2% of non-tax revenue, 5.7% of the future heritage fund and 0.3% of the stabilization fund.
In the first half of 2020, tax revenue reached MNT 3.7 trillion, decreased by MNT 703.3 billion or 15.8% compared to the same period of the previous year. This decrease was mainly due to decreases of MNT 222.9 billion or 19.5% in income taxes revenue, MNT 148.2 billion or 33.5% in other taxes revenue, MNT 138.4 billion or 15.0% in social security revenue, MNT 96.9 billion or 9.2% in value added taxes, MNT 61.9 billion or 14.5% in excise taxes revenue and MNT 27.1 billion or 7.5% in foreign activity revenues.
In the first half of 2020, social security contributions revenue increased by 0.2 points, value added tax revenue by 1.9 points, foreign activity revenues by 0.7 points and excise taxes revenue by 0.2 points, while other taxes revenue decreased by 1.9 points, income taxes revenue decreased by 1.1 point as compared to the same period of the previous year.
In the first half of 2020, general government budget expenditure and net lending reached MNT 6.3 trillion, increased by MNT 1.6 trillion or 33.8% compared to the same period of the previous year. This increase was primarily affected by an increase of MNT 1.1 trillion or 27.5% in current expenditure and MNT 592.8 billion or 93.2% in capital expenditure.
Source: National Statistics Office