Mongolia’s tax revenue rise by 18.8 percent - News.MN

Mongolia’s tax revenue rise by 18.8 percent

Mongolia’s tax revenue rise by 18.8 percent

In 2019, Mongolia’s tax revenue reached MNT 9.7 trillion – an increase of MNT 1.5 trillion or 18.8% compared to the previous year. The growth is explained  by increases of MNT 460.8 billion or 22.1% in income tax, MNT 355.0 billion or 21.9% in social security revenue, MNT 288.0 billion or 13.1% in value added taxes, MNT 205.2 billion or 28.8% in other taxes, MNT 109.0 billion or 14.4% in excise taxes and MNT 107.7 billion or 15.8% in revenue from foreign activities.

In 2019, 26.1% of the total tax revenue was accumulated from income tax, 25.5% from value added tax 20.3% from social security contributions, 11.2% from other taxes, 8.9% from excise taxes, 8.1% from foreign activity revenues. The 2019 income tax revenue increased by 0.7 points, other taxes by 0.6 points and social security contributions by 0.5 points, while value added tax decreased by 1.3 points, excise taxes revenue by 0.3 points and foreign activity revenues 0.2 points as compared to the previous year.

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