The cumulative total of state expenditures reached MVR18.9 billion as of 01st June 2023, reports the Ministry of Finance.
On the other hand, revenues inclusive of grants in annual terms hit MVR 14.1 billion by the same date.
So far, 69% of the budget was spent on recurrent needs and 31% on capital needs. From the revenue composition, 76% was earned from tax sources and 24% from non-tax sources.
The overall balance for the period is a deficit of MVR4.9 billion.
The total tax revenues by the review date stood at MVR10.7 billion, and non-tax revenues at MVR3.2 billion. In the same period last year, tax revenues stood at MVR8.5 billion and non-tax revenues at MVR2.8 billion.
Top Revenue Sources
- TGST: MVR 4.5 billion
- GGST: MVR 1.8 billion
- Import Duties: MVR 1.3 billion
- Corporate Income Tax: MVR 982.1 million
- Interests and Profits (from SOEs): MVR 610.6 million
As for expenses, state has spent MVR13.1 billion on recurrent expenses and MVR5.9 billion on capital expenses.