State expenses rise to MVR 26.5 billion in annual terms as of September 27, reports Ministry of Finance.
According to the state body, revenues inclusive of grants reached MVR 19.6 billion by the review period.
State has spent 74 percent of its budgetary total on recurrent expenses. The remaining 26 percent was spent on capital expenses.
On the other hand, 73 percent of the state earnings came from tax revenue while the remaining 27 percent came from non-tax revenue.
Owing to higher spending compared to revenues earned, overall balance for the period is a deficit of MVR 6.9 billion.
By September 27, tax revenue in annual terms reached MVR 14.4 billion, whereas in the corresponding period in 2021 this figure stood at just MVR 9.7 billion. Non-tax revenue in annual terms for the review period reached MVR 5.1 billion while in the same period last year, it was at just MVR 3.3 billion.
Major tax revenue categories include;
1. Tourism GST - MVR 4.7 billion
2. Import Duties - MVR 2.3 billion
3. General GST - MVR 2.1 billion
4. Business Profit Tax (BPT) - MVR 2.0 billion
5. Green Tax - MVR 698.9 million
Major non-tax revenue categories include;
1. Other fees and charges (under fees and charges) - MVR 1.4 billion
2. Rent from resorts - MVR 1.2 billion
3. Airport Development Fee - MVR 578.3 million
4. Registration and License Fees - MVR 562.7 million
5. SOE Dividends - MVR 336.9 million
Meanwhile, state has spent MVR 19.5 billion on recurrent expenses; out of which MVR 12.1 billion was spent on administrative and operational expenses and another MVR 7.3 billion on the salaries, wages and pensions of public sector employees. Majority of capital expenditure total was concentrated on infrastructure assets, which stood at MVR 3.8 billion, another MVR 1.3 billion on development projects and investment outlays and MVR 1.2 billion on land and buildings.
Loan repayment total in annual terms reached MVR 2.5 billion. Moreover, transfers to Sovereign Development Fund (SDF) during the review week stood at MVR 576.4 million; current SDF fund size is valued at MVR 4.97 billion, while its bank balance is at MVR 1.4 billion.