{"id":4682,"date":"2022-11-17T12:35:56","date_gmt":"2022-11-17T07:35:56","guid":{"rendered":"https:\/\/mbt.mv\/?p=4682"},"modified":"2022-11-17T12:35:56","modified_gmt":"2022-11-17T07:35:56","slug":"govt-expenditure-hit-mvr31-8bn-revenues-at-mvr22-9bn","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=4682","title":{"rendered":"Govt expenditure hit MVR31.8bn, revenues at MVR22.9bn"},"content":{"rendered":"<p>The cumulative total of state expenditure has hit MVR31,819.1 million (MVR31.8 billion) as of 10th November, which is just MVR2.3 billion shy from hitting approved budgetary total for 2022.<\/p>\n<p>On the other hand, revenues inclusive of grants reached MVR22,971.3 million (MVR22.97 billion) by the review date, which is MVR1.33 billion short of reaching projected total revenue of MVR24,279.9 million (MVR24.3 billion) for the year.<\/p>\n<p>State has spent 74% of its budgetary total on recurrent expenses and the remaining 26% on capital expenses. Meanwhile, state earned 72% of its income from tax sources and the other 28% from non-tax sources.<\/p>\n<h5>Major Tax Revenues<\/h5>\n<ul>\n<li>Goods and Services Tax (GST): MVR8,133.7 million (MVR8.1 billion)<\/li>\n<li>Business and Property Tax: MVR4,024.4 million (MVR4.02 billion)<\/li>\n<li>Import Duties: MVR2,817.8 million (MVR2.8 billion)<\/li>\n<\/ul>\n<h5>Major Non-tax Revenues<\/h5>\n<ul>\n<li>Fees and charges: MVR2,182.2 million (MVR2.2 billion)<\/li>\n<li>Property Income: MVR1,813.2 million (MVR1.8 billion)<\/li>\n<li>Interest, profit and dividends: MVR903.7 million<\/li>\n<\/ul>\n<p>Overall balance for the period is a deficit of MVR8,847.8 million (MVR8.8 billion).<\/p>\n<p>Cumulative total of tax revenues by the review date is MVR16,616.1 million (MVR16.6 billion). By the same period last year, cumulative total of tax revenues reached MVR12,180.7 million (MVR12.2 billion). The cumulative total of non-tax revenue by 10th November reached MVR6,192.4 million (MVR6.2 billion). And by the same period in 2021, cumulative total of non-tax revenue reached MVR4,107.5 million (MVR4.1 billion).<\/p>\n<p>Out of the total expenditure in cumulative terms, state has spent MVR23,395.4 million (MVR23.4 billion) on recurrent expenses. Government&#8217;s capital expense total is at MVR8,423.7 million (MVR8.4 billion).<\/p>\n<h5>Recurrent Expenditure<\/h5>\n<ul>\n<li>Salaries, Wages, Pensions: MVR9,218.2 million (MVR9.2 billion)<\/li>\n<li>Administrative and operational expenses: MVR14,135.4 million (MVR14.1 billion)<\/li>\n<li>Losses and write-offs: MVR41.8 million<\/li>\n<\/ul>\n<h5>Capital Expenditure<\/h5>\n<ul>\n<li>Capital equipment: MVR360.6 million<\/li>\n<li>Land and buildings: MVR1,520.3 million (MVR1.5 billion)<\/li>\n<li>Infrastructure assets: MVR4,626.9 million (MVR4.6 billion)<\/li>\n<li>Development projects and investment outlays: MVR1,413.9 million (MVR1.4 billion)<\/li>\n<li>Lending: MVR502.1 million<\/li>\n<\/ul>\n<h5>Memorandum Items<\/h5>\n<ul>\n<li>Loan repayment: MVR2,573.9 million (MVR2.6 billion)<\/li>\n<li>Subscription to multilateral agencies: MVR22.1 million<\/li>\n<li>Transfers to Sovereign Development Fund (SDF): MVR702.6 million<\/li>\n<li>SDF fund size: MVR5,098.4 million (MVR5.1 billion)<\/li>\n<li>SDF bank balance: MVR80.0 million<\/li>\n<li>Public Sector Investment Program (PSIP): MVR6,322.6 million (MVR6.3 billion)<\/li>\n<li>Councils block grant disbursements: MVR1,377.4 million (MVR1.4 billion)<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>The cumulative total of state expenditure has hit MVR31,819.1 million (MVR31.8 billion) as of 10th November, which is just MVR2.3 billion shy from hitting approved budgetary total for 2022. On the other hand, revenues inclusive of grants reached MVR22,971.3 million (MVR22.97 billion) by the review date, which is MVR1.33 billion short of reaching projected total<\/p>\n","protected":false},"author":4,"featured_media":4490,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[1481,1603,1727,1976,1981,2038],"class_list":{"0":"post-4682","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-public-sector","9":"tag-ministry-of-finance","10":"tag-non-tax-revenue","11":"tag-public-finance","12":"tag-state-expenditure","13":"tag-state-revenue","14":"tag-tax-revenue"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Govt expenditure hit MVR31.8bn, revenues at MVR22.9bn - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=4682\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt expenditure hit MVR31.8bn, revenues at MVR22.9bn - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"The cumulative total of state expenditure has hit MVR31,819.1 million (MVR31.8 billion) as of 10th November, which is just MVR2.3 billion shy from hitting approved budgetary total for 2022. On the other hand, revenues inclusive of grants reached MVR22,971.3 million (MVR22.97 billion) by the review date, which is MVR1.33 billion short of reaching projected total\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=4682\" \/>\n<meta property=\"og:site_name\" content=\"Maldives Business Times\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/mvbiztimes\" \/>\n<meta property=\"article:published_time\" content=\"2022-11-17T07:35:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/10\/348852_3_41299d143b9b634768f938847b5065d007c8def6_large-1.jpeg\" \/>\n\t<meta property=\"og:image:width\" content=\"1140\" \/>\n\t<meta property=\"og:image:height\" content=\"736\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Mohamed Reehaan\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:site\" content=\"@mvbiztimes\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Mohamed Reehaan\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/mbt.mv\/?p=4682#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=4682\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"Govt expenditure hit MVR31.8bn, revenues at MVR22.9bn\",\"datePublished\":\"2022-11-17T07:35:56+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=4682\"},\"wordCount\":357,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=4682#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2022\/10\/348852_3_41299d143b9b634768f938847b5065d007c8def6_large-1.jpeg\",\"keywords\":[\"Ministry of Finance\",\"Non Tax Revenue\",\"Public Finance\",\"State Expenditure\",\"State Revenue\",\"Tax Revenue\"],\"articleSection\":[\"FINANCE\",\"PUBLIC SECTOR\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=4682#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=4682\",\"url\":\"https:\/\/mbt.mv\/?p=4682\",\"name\":\"Govt expenditure hit MVR31.8bn, revenues at MVR22.9bn - 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