Earnings to the state as of July 28, 2022 was MVR 5.04 billion lower than state expenditure, reports Ministry of Finance.
The latest fiscal update from the ministry confirm state's cumulative expenditure reached MVR 20.78 billion, while state earnings reached MVR 15.74 billion by as of the review date.
State has spent 75 percent of its budgetary total for the year on recurrent expenses so far, with remaining 25 percent concentrated on capital expenses.
Government acquired 75 percent of its earnings through tax sources and the remaining 25 percent came from non-tax sources.
Tax revenue in annual terms reached MVR11.84 billion by July 28, while non-tax revenue in annual terms reached 3.82 billion by the review date.
State has spent MVR15.51 billion on recurrent expenditure, and spent MVR5.27 billion on capital expenditure.
The strongest income sources to the state in annual terms include;
- GST (TGST and GST) - MVR 5.84 billion
- Business Property Tax (Business Profit Tax and Withholding Tax included) - MVR 3.21 billion
- Import Duties - MVR 1.67 billion
- Property Income (rent from resorts include) - MVR 1.36 billion