Cumulative total of state expenditure reaches MVR24.0 billion by 25th August 2022, reports Ministry of Finance.
The authority further confirms state’s cumulative revenue reached MVR18.2 billion, inclusive of foreign grants.
State has spent 73% of its budgetary total on recurrent expenses. The remaining 27% has been concentrated on capital expenses. On the other hand, state has earned 73% of its revenue through tax sources. The remaining 27% came through non-tax sources.
The overall balance for the period is a deficit of MVR5.8 billion.
Cumulative total of tax revenues hit MVR13.4 billion by review date. By the corresponding period in 2021, this value had only hit MVR9.1 billion. The cumulative total of non-tax revenues hit MVR4.8 billion by 25th August. For the same period last year, this value had reached just MVR2.94 billion.
State has spent MVR17.6 billion on recurrent expenses so far, whereas in the same period last year it had spent MVR14.7 billion.
Majority portion of recurrent expenses are directed towards administrative and operational expenses, which stood at MVR10.4 billion. State spent MVR7.1 billion on salaries, wages and pensions of public sector employees.
Highest tax revenue streams include;
- TGST – MVR4.5 billion
- Import Duties – MVR1.98 billion
- Business Profit Tax (BPT) – MVR1.95 billion
- GST – MVR1.94 billion
- Green Tax – MVR653.1 million
The highest non-tax revenue stream to the state is rents from resorts, which has hit an annual total of MVR1.12 billion.