Total revenue of general government budget increased by 8.9 percent compared to the same period of previous year
According to the preliminary results in the first 7 months of 2022, the total revenue of the general government budget was MNT 9.4 trillion, increased by MNT 773.8 billion (8.9 percent) compared to the same period of previous year. The equilibrated revenue of the general government budget was MNT 8.7 trillion increased by MNT 1.0 (13.7 percent) trillion compared to the same period of previous year.
In the first 7 months of 2022, the total expenditure and net lending was MNT 9.5 trillion, resulting in deficit of MNT 788.4 billion. In July 2022, the total equilibrated revenue and grants of general government budget was MNT 1.4 trillion, decreased by MNT 47.6 billion (3.4 percent) compared to the previous months. The total expenditure and net lending were MNT 1.3 trillion, decreased by MNT 408.1 billion (23.8 percent) compared to the previous months.
The equilibrated balance of the general government budget was in deficit of MNT 304.9 billion in June 2022, while in July, and was in surplus of MNT 55.6 billion. In the first 7 months of 2022, tax revenue reached MNT 8.2 trillion, increased by MNT 1.5 trillion (21.7 percent) compared to the same period of previous year. This increase was mainly due to MNT 679.5 billion (2.2 times) increase in other taxes revenue MNT 533.2 billion (34.6 percent increase in value added tax revenue and MNT 421.4 billion (35.9 percent) increase in social security contributions revenue while income taxes revenue decreased by MNT 430.6 billion (18.2 percent) compared to the same period of previous year.
In July 2022, tax revenue reached MNT 1.3 trillion, increased by MNT 109.6 billion (9.5 percent) compared to the same period of previous year. This increase was mainly due to MNT 74.3 billion (37.7%) increase in value added tax revenue MNT 29.5 billion (16.3 percent) increase in social security contributions revenue and MNT 125.5 billion (2.3 times) increase in other taxes revenue while MNT 135.0 billion (26.3 percent) decrease in income taxes revenue and MNT 14.8 billion (18.0 percent) decrease in excise taxes revenue.
Source: National Statistics Office of Mongolia
