State revenue and grants for July 2022 stood at MVR3.03 billion, observing a 174.5% increment compared to same month last year.
In July 2021, total revenue and grants to the state stood at MVR1.1 billion, reports Ministry of Finance.
According to Ministry of Finance, in its recent Monthly Fiscal Developments, the significant proportion of the relative increase is owed to income tax deadline coinciding with July.
On the other hand, total expenditure for the month increased by 12.6% compared to the same month in 2021. Capital expenditure increased by 1.4% and recurrent expenditure by 18.2%.
Fiscal balance exclusively for the month of July gives an overall surplus of MVR319.5 million.
Tax revenues in July 2022 stood at MVR2.3 billion, while non-tax revenue stood at MVR791.9 million. Grants received to the state in the review month stood at MVR5.1 million. In the corresponding month last year, tax revenues stood at just MVR659.5 million while non-tax revenue total stood at MVR324.8 million.
Major revenue categories include;
- Business Profit Tax (BPT) – MVR804.6 million
- TGST – MVR328.9 million
- Import Duties – MVR269.9 million
- GGST – MVR249.0 million
- Non-resident Withholding Tax – MVR72.5 million
Expenditure total for the month was recorded at MVR2.7 billion, out of which MVR2.03 billion was spent on recurrent expenses. Remaining MVR677.6 million was concentrated on capital expenses.