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Govt revenues decreased by 32.2 percent in September 2022

Mohamed Rehan
13 November 2022, MVT 21:54
Minister of Finance Ibrahim Ameer; state aims to improve revenue sources in the following year--
Mohamed Rehan
13 November 2022, MVT 21:54

State revenues and grants for September 2022 stood at MVR 1.58 billion, which is a 32.2 percent decreased compared to the same month in 2021.

On the other hand, expenditure for the review month increased by 6.6 percent when compared with the corresponding month last year. Capital expenditure increased by 47.4 percent, while recurrent expenditure observed a 33.3 percent increment.

Fiscal balance for the month is an overall deficit of MVR 1.57 billion.

By the end of September, the cumulative expenditure stood at MVR 28.05 billion, against an approved budget of MVR 34.1 billion.

The cumulative revenue by the review date reached MVR 21.5 billion, against a project annual total of MVR 24.3 billion.

Top revenue streams for the month of September include;

1. Property Income: 19.5 percent share

2. GGST: 15.7 percent share

3. Import Duties: 5.5 percent share

4. Non-resident Withholding Tax: 5.1 percent share

5. Green Tax: 4.9 percent share

Expenditure composition for the review month include;

1. Administrative and operational expenses: 54.3 percent share

2. Salaries, wages and pensions: 29.4 percent share

3. Infrastructure assets: 11.7 percent share

4. Capital equipment: 1.9 percent share

5. Development projects and investment outlays: 1.4 percent share

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