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Govt expenses inch close to approved budget for 2022, hits MVR 25.58 B

Mohamed Rehan
21 September 2022, MVT 21:53
MIRA is responsible in collecting tax and non tax revenues to the state--
Mohamed Rehan
21 September 2022, MVT 21:53

The cumulative total of state expenditure hit MVR 25.58 billion as of September 15, 2022.

According to the latest updates from Ministry of Finance, state revenues inclusive of foreign grants reached MVR 19.36 billion by the review date. Owing to higher expenditure compared to revenues earned, the overall balance for the period is a deficit of MVR 6.2 billion.

The annual total of tax revenues as of September 15 stood at MVR14.2 billion. On the other hand, annual total of non-tax revenues stood at MVR 5.0 billion. So far, the government received MVR 257.7 million in foreign grants.

Major tax revenue categories include;

01. Tourism GST (TGST) - MVR 4.7 billion

02. Import Duties - MVR 2.29 billion

03. General GST (GGST) - MVR 2.1 billion

04. Business Profit Tax (BPT) - MVR 2.0 billion

05. Green Tax - MVR 687.8 million

Major non-tax revenue categories include;

01. Rent from resorts - MVR 1.15 billion

02. Airport development fee - MVR 566.8 million

03. Registration and license fees - MVR 550.1 million

04. SOE Dividends - MVR 336.9 million

05. Interests and profits - MVR 255.2 million

State's recurrent spending by the review date is at MVR 18.69 billion, with MVR 11.33 billion under recurrent expense spent on administrative and operational expenses. State has spent MVR 7.3 billion on salaries, wages and pensions of public sector employees.

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