State expenditure reaches MVR25.19 billion in annual terms as of 08th September 2022, reports Ministry of Finance.
According to the ministry’s most recent statistical update, revenues inclusive of foreign grants is currently at MVR19.19 billion in annual terms.
State spent 73% on recurrent expenses, remaining 27% on capital expenses. On the other hand, state earned 74% of its revenue from tax sources, remaining 26% from non-tax sources.
Overall balance for the review period is a deficit of MVR5.99 billion.
Tax revenues in annual terms stood at MVR14.14 billion by the review date. Non-tax revenues in annual terms reached MVR4.95 billion. Grants to the state is currently at MVR248.5 million.
Highest Tax revenue categories include;
- Tourism Goods and Services Tax (TGST): MVR4.69 billion
- Import Duties: MVR2.29 billion
- General Goods and Services Tax (GGST): MVR2.08 billion
- Business Profit Tax: MVR1.99 billion
- Green Tax: MVR683.5 million
Major non-tax categories include;
- Rent from resorts: MVR1.13 billion
- Airport Development Fee: MVR561.6 million
- Registration and License Fee: MVR539.4 million
- SOE Dividends: MVR336.9 million
- Interest and Profits: MVR244.6 million
State has spent MVR18.43 billion on recurrent expenses, which include;
- Administrative and Operational Expenses: MVR11.07 billion
- Salaries, Wages and Pensions (public sector): MVR7.3 billion
- Losses and Write-Offs: MVR41.7 million