The cumulative total of state revenues, reported as of May 30, is a MVR 706.6 million improvement in comparison with the corresponding period last year.
The Ministry of Finance’s most recent ‘Weekly Fiscal Development’ indicates a cumulative total of MVR 14,856.3 million; that’s MVR 14.9 billion, earned as of May 30 this year, compared to MVR 14,149.7 million (MVR 14.1 billion) recorded for the same period last year.
On the revenue categories’ front; tax earnings saw a significant bump whereas non-tax earnings are below the last year’s mark by review date. As such, tax earnings for the period January 01 to May 30, saw an increment of MVR 1.2 billion; registering MVR 12,056.2 million (MVR 12.06 billion) this year compared to MVR 10,840.2 million (MVR 10.8 billion) observed the same period last year.
The same cannot be said about non-tax revenues as the category saw a decline of MVR 613.6 million this year. So far, non-tax earnings for the year was recorded at MVR 2,640.9 million (MVR 2.6 billioni); but in the same period in 2023, non-tax earnings stood at MVR 3,254.5 million (MVR 3.3 billion).
Key reasons for the non-tax revenue total to decline so far this year is the comparatively lower collections made from Fees and Charges, and Interest, Profit, and Dividends (from SOEs).
So far, the state has collected MVR 977.6 million from Fees and Charges, but in the same period last year, this revenue stream had a collection of MVR 1,246.2 million (MVR 1.23 billion).
Interest, Profit, and Dividends stream (which comes from the various state-owned enterprises with stakes of the government) observed a cumulative collection of MVR 459.3 million so far in 2024, whereas in the same period last year, this stream saw a collection of MVR 552.4 million.