The most recent update from Ministry of Finance confirm state expenses have hit MVR21.5 billion as of 4th August 2022.
On the other hand, revenues remain comparatively sluggish at MVR16.94 billion. This stretched the budget deficit to MVR4.6 billion.
So far state put 74% of its budgetary total on recurrent expenses, remaining 26% on capital expenditure. On the revenue front, 74% of the earning came from tax sources and remaining 26% from non-tax sources.
Meanwhile, the cumulative tax revenue total hit MVR12.5 billion. In the corresponding period last year, this was at MVR8.1 billion.
Cumulative total of non-tax total is at MVR4.4 billion, whereas in the same period in 2021, it stood at MVR2.7 billion.
Major revenue categories for the review period include;
- TGST – MVR4.3 billion
- Business Profit Tax – MVR1.89 billion
- GGST – MVR1.85 billion
- Import Duties – MVR1.7 billion
- Green Tax – MVR610.4 million
Moreover, recurrent expenditure has risen to MVR15.9 billion while capital expenditure is at MVR5.6 billion.