The cumulative total of state expenses reach MVR25.6 billion as of 15th September, reports Ministry of Finance. On the hand, state revenues reach MVR19.4 billion by the review date.
State spent 73% of the budget on recurrent expenses so far in 2022, while 27% was spent on capital expenditure. Meanwhile, state earned 74% of its revenue from tax sources and remaining 26% from non-tax sources.
The overall balance for the period is a deficit of MVR6.2 billion.
Cumulative total of tax revenues as of 15th September stood at MVR14.2 billion. For the same period last year, it was at MVR9.6 billion. The cumulative total of non-tax revenues reached MVR5.0 billion by the review date, whereas in the corresponding period last year it reached MVR3.2 billion.
Major revenue categories to the state include (both tax and non-tax);
- TGST – MVR4.7 billion
- Import Duties – MVR2.29 billion
- GGST – MVR2.1 billion
- Business Profit Tax (BPT) – MVR2.0 billion
- Rent from Resorts – MVR1.15 billion
- Green Tax – MVR687.8 million
- Withholding Tax – MVR640.5 million
- Airport Development Fee – MVR566.8 million
- Airport Service Charge – MVR557.0 million
- SOE Dividends – MVR336.9 million
Recurrent expenditure total in annual terms reached MVR18.7 billion. Out of recurrent expense total, MVR11.3 billion have been spent on administrative and operational expenses, while MVR7.3 billion have been spent on salaries, wages and pensions of public sector employees.
So far, Maldives government have repaid a total of MVR2.5 billion in loans. Transfers to the Sovereign Development Fund (SDF) during the review week stood at MVR563.9 million.
The SDF fund size is currently at MVR4.96 billion, while its bank balance is at MVR1.6 billion.