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.