The state expenditure has reached over MVR13 billion as of 01st July 2021, reports Ministry of Finance.
In the latest update on the ministry’s “Weekly Fiscal Developments” it was reported that the cumulative total of state expenditure has reached precisely to MVR13,445.0 million (MVR13.4 billion).
Meanwhile, the cumulative total of state revenue inclusive of foreign grants have reached up to MVR9,159.0 million (MVR9.2 billion).
Moreover, the expenditure composition reveals 77% of the total spent on recurrent expenses while the remaining 23% had been spent towards capital expenses. On the other hand, 75% of the total revenue had been earned through tax-sources with the remaining 25% coming through non-tax sources.
During the review period, the most significant receipts were received from TGST, GGST and BPT (Business Profit Tax).
Furthermore, the overall balance for the review period was observed at a deficit of MVR4,285.9 million (MVR4.3 billion), while the week had not posted any net issuance.
The cumulative total of tax revenue as of 01st July has reached MVR6,909.5 million (MVR6.9 billion) which is a significantly stronger earning compared to the collection of MVR5,490.8 million (MVR5.5 billion) on a cumulative basis during the corresponding period of 2020.
On the other hand, the cumulative total of non-tax revenue hit MVR2,174.4 million (MVR2.2 billion), which is a moderate improvement against MVR2,006.5 million (MVR2.0 billion) collected during the same period in 2020.