D.Khayankhyarvaa and S.Oyun, head and member respectively of the Standing Committee on the Budget, told journalists about work done by it during the just concluded Autumn session. Among the major draft laws it discussed and which were later passed are those on the general budget, the Human Development Fund and Social Insurance. It also dealt with the law on value added tax and on income tax for economic entities.
The general budget shows a large deficit because of cash and non cash spending from the Human Development Fund totaling MNT805 billion.
The committee’s main work in the Spring session will be deciding on the terms of cooperation with the International Monetary Fund and the World Bank. Members will visit East European countries to study how budgetary powers are transferred to local administrative units.