2011 Budget Submitted, UB Post
The Cabinet submits the revised draft budget for next year to Parliament upon receiving criticisms from party blocs in Parliament as well as the Council of Speaker. S. Bayartsogt, Minister for Finance, assured the Speaker that the Cabinet has carefully revised the draft to reflect suggestions made by MPs and party blocs.
In the first 10 months of 2010, total revenue and grants of the General Government Budget amounts to MNT2348.3 billion, while total expenditure and net lending amounts to MNT2301.2 billion, representing a profit of MNT47.1 billion in the General Government Budget overall balance.
Current revenue of the General Government totals MNT 2309.0 billion and current expenditure reached MNT 1701.8 billion in the first 10 months of 2010. Thus the budget current balance was in profit of MNT 607.1 billion. Compared to October 2009, national tax revenue went up MNT819.6 billion or 65.7%. The increase was mainly due to growth of MNT202.2 billion or 2.7 times in windfall tax on some products, and MNT153.4 billion or 96.9% in corporate income tax and of MNT169.6 billion or 63.6 percent in value added tax, and MNT90.6 billion or 70.2% in excise tax.
Compared to the same period of 2009, non tax revenue dropped by MNT14.9 billion 5.8%, out of which revenues from oil petroleum up by MNT 26.7 billion or 3.5 times and other revenues hiked by MNT23.4 billion or 2.9 times, although the revenues from dividends reduced by MNT79.2 billion or 86.9%.
Total expenditure and net lending of the General Government Budget jumped by MNT 445.6 billion or 24% to MNT 2301.2 billion in the first 10 months of 2010. This was mainly due to increase of MNT 164 billion or 26.1% in subsidies and transfers, and MNT 86.9 billion or 31.1 percent in purchase of other goods and services. Spending of MNT 382.4 billion on capital expenditure in the first 10 months of 1010 was higher by MNT 72.9 billion or 23.5% over the same period of the previous year. The increase in capital expenditure was due to an increase of MNT 80.5 billion or 27.7% in capital expenditure of domestic sources although the foreign financed capital expenditure fell by MNT 7.7 billion or 41.8%.
By author: admin - Nov 15, 2010 / Categories: News