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.<\/p>\n
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.<\/p>\n
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.<\/p>\n
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).<\/p>\n
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).<\/p>\n
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).<\/p>\n
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.