{"id":6037,"date":"2023-05-08T11:24:47","date_gmt":"2023-05-08T06:24:47","guid":{"rendered":"https:\/\/mbt.mv\/?p=6037"},"modified":"2023-05-08T11:24:47","modified_gmt":"2023-05-08T06:24:47","slug":"state-revenues-hit-mvr10-5bn-deficit-at-mvr4-4bn","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=6037","title":{"rendered":"State revenues hit MVR10.5Bn, deficit at MVR4.4Bn"},"content":{"rendered":"<p>The government has spent a cumulative total of MVR14.8 billion as of 27th April 2023, according to the Ministry of Finance.<\/p>\n<p>The ministry reported that the cumulative state revenues, inclusive of foreign grants reached MVR10.5 billion by the review date.<\/p>\n<p>Owing to higher spending compared to earnings, the overall balance for the period is a deficit of MVR4.4 billion.<\/p>\n<h3>Revenue and Grants: 2023 | 2022<\/h3>\n<ul>\n<li>Tax Revenues: MVR7.8 billion | MVR6.7 billion<\/li>\n<li>Non-Tax Revenues: MVR2.6 billion | MVR2.4 billion<\/li>\n<li>Capital Receipts: MVR2.2 million | MVR6.6 million<\/li>\n<li>Grants: MVR72.8 million | MVR206.4 million<\/li>\n<li>Subsidiary Loan Repayment: (MVR3.1 million) | (MVR126.4 million)<\/li>\n<\/ul>\n<h4>Tax Revenues<\/h4>\n<ul>\n<li>Tourism Goods and Services Tax (TGST): MVR3.3 billion | MVR2.9 billion<\/li>\n<li>General Goods and Services Tax (GGST): MVR1.2 billion | MVR900.8 million<\/li>\n<li>Import Duties: MVR904.8 million | MVR1.06 billion<\/li>\n<li>Corporate Income Tax: MVR862.0 million | MVR483.1 million<\/li>\n<li>Withholding Tax: MVR418.1 million | MVR336.3 million<\/li>\n<\/ul>\n<h4>Non-Tax Revenues<\/h4>\n<ul>\n<li>Rent from Resorts: MVR523.4 million | MVR682.3 million<\/li>\n<li>Interest and Profits: MVR432.5 million | MVR213.0 million<\/li>\n<li>Airport Development Fee: MVR302.4 million | MVR269.3 million<\/li>\n<li>Registration and License Fees: MVR256.7 million | MVR251.1 million<\/li>\n<li>SOE Dividends: MVR197.6 million | MVR106.5 million<\/li>\n<\/ul>\n<h3>Expenditure: 2023 | 2022<\/h3>\n<ul>\n<li>Recurrent Expenditure: MVR10.3 billion | MVR8.9 billion<\/li>\n<li>Capital Expenditure: MVR4.5 billion | MVR3.3 billion<\/li>\n<\/ul>\n<h4>Recurrent Expenditure<\/h4>\n<ul>\n<li>Administrative and Operational Expenses: MVR6.5 billion | MVR5.3 billion<\/li>\n<li>Salaries, Wages, and Pensions: MVR3.7 billion | MVR3.6 billion<\/li>\n<li>Losses and Write-offs: MVR99.3 million | MVR6.6 million<\/li>\n<\/ul>\n<h4>Capital Expenditure<\/h4>\n<ul>\n<li>Infrastructure Assets: MVR2.2 billion | MVR1.5 billion<\/li>\n<li>Land and Buildings: MVR1.18 billion | MVR537.8 million<\/li>\n<li>Development Projects and Investment Outlays: MVR580.8 million | MVR901.9 million<\/li>\n<li>Lending: MVR416.3 million | MVR189.4 million<\/li>\n<li>Capital Equipment: MVR104.8 million | MVR114.5 million<\/li>\n<\/ul>\n<h3>Memorandum Items: 2023 | 2022<\/h3>\n<ul>\n<li>Loan Repayment: MVR857.2 million | MVR700.5 million<\/li>\n<li>Transfers to Sovereign Development Fund (SDF): MVR303.7 million | MVR269.3 million<\/li>\n<li>Public Sector Investment Program (PSIP): MVR4.0 billion | MVR2.19 billion<\/li>\n<li>Councils Block Grant Disbursements: MVR612.1 million | MVR535.5 million<\/li>\n<\/ul>\n<p><em>*all aforementioned figures are the cumulative total as of 27th April 2023, and 27th April 2022 respectively<\/em><\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The government has spent a cumulative total of MVR14.8 billion as of 27th April 2023, according to the Ministry of Finance. The ministry reported that the cumulative state revenues, inclusive of foreign grants reached MVR10.5 billion by the review date. Owing to higher spending compared to earnings, the overall balance for the period is a<\/p>\n","protected":false},"author":4,"featured_media":6038,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[295,1481,1603,1727,1773,1976,1981,2038],"class_list":{"0":"post-6037","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-public-sector","9":"tag-capital-expenditure","10":"tag-ministry-of-finance","11":"tag-non-tax-revenue","12":"tag-public-finance","13":"tag-recurrent-expenditure","14":"tag-state-expenditure","15":"tag-state-revenue","16":"tag-tax-revenue"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>State revenues hit MVR10.5Bn, deficit at MVR4.4Bn - 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=6037\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State revenues hit MVR10.5Bn, deficit at MVR4.4Bn - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"The government has spent a cumulative total of MVR14.8 billion as of 27th April 2023, according to the Ministry of Finance. The ministry reported that the cumulative state revenues, inclusive of foreign grants reached MVR10.5 billion by the review date. Owing to higher spending compared to earnings, the overall balance for the period is a\" \/>\n<meta property=\"og:url\" content=\"https:\/\/mbt.mv\/?p=6037\" \/>\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=\"2023-05-08T06:24:47+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/mbt.mv\/wp-content\/uploads\/2023\/05\/Minister-of-Finance-1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1024\" \/>\n\t<meta property=\"og:image:height\" content=\"662\" \/>\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=6037#article\",\"isPartOf\":{\"@id\":\"https:\/\/mbt.mv\/?p=6037\"},\"author\":{\"name\":\"Mohamed Reehaan\",\"@id\":\"https:\/\/mbt.mv\/#\/schema\/person\/a0eedc1134716e7c8e4da095494670c2\"},\"headline\":\"State revenues hit MVR10.5Bn, deficit at MVR4.4Bn\",\"datePublished\":\"2023-05-08T06:24:47+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/mbt.mv\/?p=6037\"},\"wordCount\":302,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\/\/mbt.mv\/#organization\"},\"image\":{\"@id\":\"https:\/\/mbt.mv\/?p=6037#primaryimage\"},\"thumbnailUrl\":\"https:\/\/mbt.mv\/wp-content\/uploads\/2023\/05\/Minister-of-Finance-1.jpg\",\"keywords\":[\"Capital Expenditure\",\"Ministry of Finance\",\"Non Tax Revenue\",\"Public Finance\",\"Recurrent Expenditure\",\"State Expenditure\",\"State Revenue\",\"Tax Revenue\"],\"articleSection\":[\"FINANCE\",\"PUBLIC SECTOR\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/mbt.mv\/?p=6037#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/mbt.mv\/?p=6037\",\"url\":\"https:\/\/mbt.mv\/?p=6037\",\"name\":\"State revenues hit MVR10.5Bn, deficit at MVR4.4Bn - 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