State revenue, grants observe 24.7% increment in August 2020

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The total revenue and grants exclusive for the month of August 2020 saw an increment of 24.7% as per Ministry of Finance.

Moreover, the government body notes revenue inclusive of grants stood at MVR1,717.3 million (MVR1.7 billion) in the review month.

The increment is in correspondence with the same period of 2019, adds the ministry.

Although cumulative revenue figure was 39.1% lower in August 2019, the same period of current year saw recovery of state revenue following Covid-19 pandemic led repercussions.

Furthermore, tax receipts especially from Business and Property Tax made heavy contribution towards year-on-year growth of revenue and grants.

On the other hand, total expenditure for review month saw an increase by 26.5%.

Capital expenditure during August 2020 saw a hike of 125.9% from that of the same period last year.

Moreover, the ministry adds the increment comes primarily from a MVR319.88 million relative increase in Land and Building expenditures.

Although recurrent expenditure saw a drop by 0.8% in August 2019, it became the largest expenditure component for August 2020.

The fiscal balance for the month stood at an overall deficit of MVR712.1 million.

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