State tax revenue up by 25.5 percent in Q1 2018

The American Chamber of Commerce in Mongolia

2018-04-16 14:01 GMT+8

The National Statistical Office reported that state tax revenue rose by 25.5 percent in the first quarter of 2018, reaching 1.6 trillion MNT.

As part of Mongolia's enrollment in the International Monetary Fund’s extended fund facility program, excise tax on some imported goods was raised in 2017, resulting in Q1's tax revenue increase. Excise tax revenue grew by 64.5 percent compared to the same period in 2017.

The social insurance premium tax increase of one percent generated 48.7 billion MNT in state revenue. The increase in tax revenue contributed to a reduction in the state's budget deficit of 229.3 billion MNT in the first quarter of 2018.    

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