According to the Ministry of Finance the state’s cumulative expenditure has reached a total of MVR 38.9 billion as of October 31, 2024.
The ministry in its Weekly Fiscal Developments reported that the cumulative state revenues, inclusive of grants, reached MVR 29.1 billion as of the review date. Owing to this, the overall balance for the period is a deficit of MVR 9.9 billion.
Total Revenues
- Tax Revenues: MVR 22.3 billion
- Non-tax Revenues: MVR 6.3 billion
- Capital Receipts: MVR 10.9 million
- Grants: MVR 565.0 million
Note: The above figures are cumulative total as of October 31, 2024
Top Revenue Contributors
- GST: MVR 11.9 billion
- Business and Property Tax: MVR 5.7 billion
- Import Duties: MVR 2.7 billion
- Fees and Charges: MVR 2.2 billion
- Property Income: MVR 1.9 billion
Under GST, the state has collected MVR 7.8 billion in Tourism Goods and Services Tax (TGST) and another MVR 4.2 billion in General Goods and Services Tax (GGST).
Total Expenditure
- Recurrent Expenditure: MVR 27.9 billion
- Capital Expenditure: MVR 11.1 billion
Under recurrent expenditure, the state has spent MVR 11.2 billion on salaries, wages and pensions of public sector employees, and another MVR 16.6 billion on administrative and operational expenses.
Meanwhile, out of the budgeted MVR 2.2 billion total on loan repayment, the government has already settled MVR 2.05 billion.