Expenditures higher than revenues once again!

The cumulative total of state expenditure reached MVR4.73 billion as of February 16, 2023.

On the other hand, the cumulative total of revenues, inclusive of grants, is at MVR4.67 billion.

According to recent statistics from the Ministry of Finance, the overall balance for the period has once again turned to a deficit. The ministry reported a deficit of MVR59.8 million for the review week.

Revenues

• Tax Revenues: MVR3.94 billion
• Non-tax Revenues: MVR720.0 million
• Capital Receipts: MVR1.2 million
• Grants: MVR6.8 million

Top Tax Revenue Categories

1. TGST: MVR1.37 billion
2. Corporate Income Tax: MVR795.4 million
3. GGST: MVR466.6 million
4. Import Duties: MVR401.1 million
5. Withholding Tax: MVR212.6 million

Top Non-tax Revenue Categories

1. Airport Development Fee: MVR113.5 million
2. Registration and License Fees: MVR102.8 million
3. Interest and Profits: MVR100.8 million
4. Rent from Resorts: MVR100.0 million
5. SOE Dividends: MVR67.6 million

Expenditure

• Recurrent: MVR3.53 billion
• Capital: MVR1.2 billion

Memorandum Items

• Loan Repayment: MVR494.4 million
• Transfers to Sovereign Development Fund (SDF): MVR116.7 million
• Public Sector Investment Program (PSIP): MVR797.9 million