Expenditures hit MVR9.2bn, revenues sluggish at MVR7.2bn

    State expenditures reach MVR9.2 billion, revenues inclusive of grants hit MVR7.2 billion
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    The cumulative total of state expenditures reached MVR9,225.2 million (MVR9.2 billion) as of 16th March 2022, reported the Ministry of Finance.

    Meanwhile, the cumulative total of revenues inclusive of foreign grants were comparatively sluggish against expenses, and were recorded at MVR7,196.1 million (MVR7.2 billion) by the review date.

    The overall balance for the period is a deficit of MVR2,029.2 million (MVR2.03 billion).

    The tax revenues total in annual terms is at MVR5,774.5 million (MVR5.8 billion) by the review date compared to MVR4,389.1 million (MVR4.4 billion) during the same period in 2022. Meanwhile, non-tax revenues total as of 16th March stood at MVR1,404.3 million (MVR1.4 billion) compared to MVR1,266.7 million (MVR1.3 billion) by the same period last year.

    Tax Revenues

    1. TGST: MVR2,270.5 million (MVR2.3 billion)
    2. Corporate Income Tax: MVR824.5 million
    3. GGST: MVR797.1 million
    4. Import Duties: MVR690.1 million
    5. Withholding Tax: MVR268.9 million

    Non-tax Revenues

    1. Airport Development Fee: MVR205.1 million
    2. Registration and License Fees: MVR156.1 million
    3. SOE Dividends: MVR147.6 million
    4. Rent from Resorts: MVR138.3 million
    5. Interest and Profits: MVR107.6 million

    The recurrent expenditure total in annual terms has reached MVR6,199.4 million (MVR6.2 billion) as of the review date compared to the MVR4,924.6 million (MVR4.9 billion) during the same period in 2022. Moreover, the cumulative total of capital expenditure reached MVR3,025.9 million (MVR3.03 billion) as of the review date compared to the MVR2,294.9 million (MVR2.3 billion) during the corresponding period of 2022.

    Recurrent Expenditure

    • Administrative and Operational Expenses: MVR4,092.6 million (MVR4.1 billion)
    • Salaries, Wages, and Pensions: MVR2,011.8 million (MVR2.01 billion)
    • Losses and Write-offs: MVR95.0 million

    Capital Expenditure

    • Infrastructure Assets: MVR1,584.1 million (MVR1.6 billion)
    • Land and Buildings: MVR872.0 million
    • Lending: MVR363.7 million
    • Development Projects and Investment Outlays: MVR149.2 million
    • Capital Equipment: MVR56.9 million

     

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