State’s budgetary deficit has surged from MVR4.6 billion during the previous week to MVR4.8 billion as of 11th August 2022.
According to Ministry of Finance, the annual total of state’s expenses hit MVR22.1 billion by review date. On the other hand, state’s revenues remain sluggish at MVR17.3 billion – showing mild improvement.
Due to stronger spending against revenue gains, the budget balance felt its deficit gap widening.
Meanwhile, state’s cumulative tax revenue hit MVR12.7 billion, whereas it stood at MVR8.3 billion for the same period last year. On the other hand, cumulative total of non-tax revenue hit MVR4.5 billion by review date. In 2021, for the corresponding period non-tax revenue total hat hit just MVR2.8 billion.
On the expense front, state spent MVR16.4 billion on recurrent expenses. Another MVR5.7 billion on capital expenditure.
Major revenue contributors remain unchanged with regards to their share of contribution;
- TGST – MVR4.3 billion
- Business Profit Tax – MVR1.9 billion
- GGST – MVR1.87 billion
- Import Duties – MVR1.76 billion
- Rent from Resorts – MVR1.1 billion
- Green Tax – MVR615.9 million
So far state has spent MVR9.95 billion on administrative and operational expenses under recurrent expenditure. Another MVR6.4 billion on salaries, wages and pensions of public sector employees under the same category.