TAX REVENUE REACHES MNT 7.5 TRILLION IN THE FIRST 11 MONTHS OF 2020

 According to the preliminary results in the first 11 months of 2020, the total revenue of the general government budget was MNT 9.1 trillion. The equilibrated revenue of the general government budget was MNT 8.3 trillion and 91.0% of the total revenue of general government budget.

 

On the other hand, the total expenditure and net lending was MNT 12.0 trillion in the first 11 months of 2020, resulting in deficit of MNT 3.7 trillion in the equilibrated balance.

In November 2020, the total equilibrated revenue and grants of general government budget was MNT 0.7 trillion, decreased by MNT 160.5 billion or 18.8%, the total expenditure and net lending was MNT 1.1 trillion, decreased by MNT 228.1 billion or 16.6% compared to previous month.

In November 2020, the equilibrated balance of the general government budget was in deficit of 452.1 billion, decreased by MNT 67.6 billion or 13.0% compared to the previous month.

The General government budget revenue was comprised of 82.7% of tax revenue, 8.3% of non-tax revenue, 8.5% of the future heritage fund and 0.5% of the stabilization fund.

In the first 11 months of 2020, tax revenue reached MNT 7.5 trillion, decreased by MNT 1.3 trillion or 14.3% compared to the same period of the previous year. This decrease was mainly due to MNT 406.2 billion or 17.7% decrease in income tax revenue, MNT 378.0 billion or 21.7% decrease in social security revenue, MNT 187.0 billion or 8.4% decrease in value added tax revenue, MNT 167.2 billion or 19.9% decrease in other taxes revenue, MNT 84.6 billion or 10.7% decrease in excise tax revenue and MNT 33.0 billion or 4.6% decrease in foreign activity revenue.

In the first 11 months of 2020, 27.1% from value added tax, 25.2% of the total tax revenue was accumulated from income tax, 18.2% from social security contributions, 10.9% from other taxes, 9.5% from excise taxes and 9.1% from foreign activities.

In the first 11 months of 2020, value added tax revenue increased by 1.7 percentage points, foreign activity revenues increased by 0.9 percentage points and excise taxes revenue increased by 0.4 percentage points, while income taxes revenue decreased by 1.0 percentage points, social security contributions revenue decreased by 1.7 percentage points and other taxes revenue decreased by 0.3 percentage points compared to the same period of the previous year.

In the first 11 months of 2020, general government budget expenditure and net lending was MNT 12.0 trillion, increased by MNT 2.8 trillion or 30.0% compared to the same period of the previous year.

This increase was primarily affected by MNT 2.4 trillion or 32.8% increase in current expenditure and MNT 578.0 billion or 32.4% increase in capital expenditure, though net lending decreased by MNT 174.4 billion or 80.1%, compared to the same period of previous year.

 

 

Source: https://montsame.mn/en/read/246760