State revenues at MVR4.25bn, budget surplus at MVR148.5mn

Minister of Finance Ibrahim Ameer

The cumulative total of state revenues inclusive of foreign grants reached MVR4.25 billion as of February 09, the Ministry of Finance reported.

According to the ministry, the cumulative total of state expenditure by the same review date stood at MVR4.09 billion. With a comparatively higher earning against expenditure, the budget is at a surplus of MVR148.5 million.

Revenues and Grants

  • Tax Revenues: MVR3.67 billion
  • Non-tax Revenues: MVR569.0 million
  • Capital Receipts: MVR1.2 million
  • Grants: MVR5.2 million

Expenditure

Recurrent Expenditure is currently at MVR3.12 billion. The details are as follows;

  • Salaries, wages, and pensions: MVR942.0 million
  • Administrative and operational expenses: MVR2.08 billion
  • Losses and write-offs: MVR92.6 million

Capital Expenditure is at MVR980.4 million. The details are as follows;

  • Capital Equipment: MVR40.0 million
  • Land and buildings: MVR336.7 million
  • Infrastructure assets: MVR453.8 million
  • Development projects and investment outlays: MVR57.5 million
  • Lending: MVR92.3 million

Top Tax Revenue Categories

  1. Tourism Goods and Services Tax (TGST): MVR1.29 billion
  2. Corporate Income Tax: MVR780.5 million
  3. General Goods and Services Tax (GGST): MVR431.8 million
  4. Import Duties: MVR368.0 million
  5. Withholding Tax: MVR143.0 million

Top Non-tax Revenue Categories

  1. Interest and Profits: MVR100.8 million
  2. Rent from Resorts: MVR98.7 million
  3. Airport Development Fee: MVR92.5 million
  4. Registration and License Fees: MVR88.8 million
  5. SOE Dividends: MVR67.6 million

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