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State expenses reach MVR 21.5 billion, deficit expands to MVR 4.6 billion

Mohamed Rehan
17 August 2022, MVT 16:33
Finance Ministry and Mira Building
Mohamed Rehan
17 August 2022, MVT 16:33

Ministry of Finance revealed annual total of state expenditure reached MVR 21.5 billion as of August 4, 2022.

On the other hand, revenues that continued with sluggish pace is currently at an annual total of MVR 16.94 billion. Owing to higher expenditure against revenues earned, the overall budget balance is a deficit of MVR 4.6 billion.

Meanwhile, cumulative total of tax revenues reached MVR 12.5 billion by review date. By the same period last year, cumulative total of tax revenues had only reached MVR 8.1 billion.

The cumulative total of non-tax revenues reached MVR 4.4 billion, whereas in the corresponding period in 2021 it stood at just MVR 2.7 billion.

State's highest revenue streams include;

- TGST - MVR 4.3 billion

- Business Profit Tax - MVR 1.89 billion

- GGST - MVR 1.85 billion

- Import Duties - MVR 1.7 billion

- Green Tax - MVR 610.4 million

So far, state has spent MVR 15.9 billion on recurrent expenses and another MVR 5.6 billion on capital expenses.

Under the recurrent expenditure state has spent MVR 6.4 billion on salaries, wages and pensions of public sector employees, and MVR 9.5 billion on administrative and operational expenses.

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