The cumulative total of state expenditure has reached MVR 16.5 billion as of 11th May 2023, reports the Ministry of Finance.
According to the ministry, the cumulative total of state revenues as of the review date stood at MVR12.3 billion.
The government has utilized 67% of its budget on recurrent needs and the remaining 33% on capital needs. On the other hand, state earned 75% of its revenue from tax sources and the remaining 25% from non-tax sources.
The overall balance for the period is a deficit of MVR4.2 billion.
Revenues and Grants
- Tax Revenues: MVR 9.2 billion
- Non-Tax Revenues: MVR2.9 billion
- Capital Receipts: MVR2.9 million
- Grants: MVR147.2 million
Top Tax Revenue Sources
- Tourism Goods and Services Tax (TGST): MVR3.9 billion
- General Goods and Services Tax (GGST): MVR1.5 billion
- Import Duties: MVR1.2 billion
- Corporate Income Tax: MVR875.7 million
- Withholding Tax: MVR434.9 million
Top Non-Tax Revenue Sources
- Interest and Profits: MVR603.4 million
- Rent from Resorts: MVR523.9 million
- Airport Development Fee: MVR381.4 million
- Registration and License Fees: MVR279.0 million
- SOE Dividends: MVR197.6 million
Recurrent Expenditure – MVR11.1 billion
- Salaries, Wages, and Pensions: MVR3.9 billion
- Administrative and Operational Expenses: MVR7.1 billion
- Losses and Write-offs: MVR100.9 million
Capital Expenditure – MVR5.4 billion
- Capital Equipment: MVR166.8 million
- Land and Buildings: MVR1.3 billion
- Infrastructure Assets: MVR2.9 billion
- Development Projects and Investment Outlays: MVR584.1 million
- Lending: MVR431.4 million
So far, the government has settled MVR957.6 million in loan repayment. The budget loan repayment total for 2023 is MVR2.1 billion.
The state’s Public Sector Investment Program (PSIP) spending is now at MVR4.2 billion.
