State revenues at MVR4.25bn, budget surplus at MVR148.5mn

State revenues inclusive of foreign grants reached MVR4.25 billion as of February 09, 2023.

According to the Ministry of Finance, the state expenditure by the review date reached MVR4.09 billion. Owing to higher earnings compared to expenditure, the overall balance for the period is a surplus of MVR148.5 million.

As of the review date, the state has spent 76% of the budget on recurrent needs and the remaining 24% on capital expenditure. Meanwhile, the government earned 86% of its revenues from tax sources and the remaining 14% came from non-tax sources.

Revenues and Grants

• Tax Revenues: MVR3.67 billion
• Non-tax Revenues: MVR569.0 million
• Capital Receipts: MVR1.2 million
• Grants: MVR5.2 million

Tax Revenues

1. Tourism Goods and Services Tax (TGST): MVR1.29 billion
2. Corporate Income Tax: MVR780.5 million
3. General Goods and Services Tax (GGST): MVR431.8 million
4. Import Duties: MVR368.0 million
5. Withholding Tax: MVR143.0 million

Non-tax Revenues

1. Interest and Profits: MVR100.8 million
2. Rent from Resorts: MVR98.7 million
3. Airport Development Fee: MVR92.5 million
4. Registration and License Fees: MVR88.8 million
5. SOE Dividends: MVR67.6 million

Expenditure

Recurrent Expenditure is MVR3.12 billion. The details are as follows;

• Salaries, Wages, and Pensions: MVR942.0 million
• Administrative and Operational Expenses: MVR2.08 billion
• Losses and Write-offs: MVR92.6 million

Capital Expenditure is MVR980.4 million. The details are as follows;

• Capital Equipment: MVR40.0 million
• Land and Buildings: MVR336.7 million
• Infrastructure Assets: MVR453.8 million
• Development Projects and Investment Outlays: MVR57.5 million
• Lending: MVR92.3 million

Memorandum Items

• Loan Repayment: MVR446.4 million
• Transfers to Sovereign Development Fund (SDF): MVR96.0 million
• Public Sector Investment Program (PSIP): MVR797.9 million
• Councils Block Grant Disbursements: MVR157.1 million