According to the latest update from Ministry of Finance the cumulative state expenditure total has hit MVR14,047.3 million (MVR14.04 billion) as of 26th May 2022.
Meanwhile, state revenues inclusive of foreign grants by the same review date reached MVR11,136.3 million (MVR11.1 billion) - indicating slower earnings compared to expenses of the state.
State has spent 75 percent of its budget on recurrent needs and the remaining 25 percent on capitale expenses.
On the other hand, state earned 71 percent of its income from tax sources and the remaining 29 percent from non tax sources.
The overall balance for the period is a deficit of MVR2,911.0 million (MVR2.9 billion).
Furthermore, the cumulative total of tax revenues stood at MVR7,928.7 million (MVR7.9 billion) and cumulative total of non tax revenues at MVR3,157.3 million (MVR3.2 billion) as of 26th May.
State has spent a total of MVR10,585.6 million (MVR10.6 billion) on recurrent expenses under which, it has spent MVR6,411.3 million (MVR6.4 billion) on administrative and operational expenses and another MVR4,168.4 million (MVR4.2 billion) on salaries, wages and pensions of public sector employees.
Here is a look at the earnings of the state by the review date;
- Tourism Goods and Services Tax (TGST) - MVR3,399.8 million
- Import Duties - MVR1,196.4 million
- General Goods and Services Tax (GGST) - MVR1,165.5 million
- Rent from Resorts - MVR700.7 million
- Business Profit Tax - MVR493.0 million
- Green Tax - MVR445.6 million
- Withholding Tax - MVR403.0 million
- Airport Service Charges - MVR328.4 million
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