State expenditure and revenue lifts up to MVR5.5bn and MVR6.5bn respectively

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The Maldives Ministry of Finance has revealed the state expenditure as of 4 April 2019, week 14 of the year, has reached MVR5,571.7 million (MVR5.5 billion) and revenue hit MVR6,512.0 million (MVR6.5 billion).

According to the ministry’s weekly fiscal development state’s capital expenditure covered 20% of the total of expenditure while 80% was injected on recurrent expenditure. The revenue composition saw non-tax revenues making a slight improvement with 26% of the total revenue whereas tax-revenue income contributed to 74% of the total revenue.

The total tax revenues cumulative as of 4 April reached MVR4,816.4 million while for the entire year, the state has approved MVR16,506.5 million while non-tax revenues reached MVR1,315.1 million cumulative as of the end of this year’s week-14 while the state approved a total of MVR5,648.7 million so far.

As usual Goods and Service Tax (GST) remained the top contributor for tax-revenue income with a total of MVR2,359.3 million collected to state so far – this includes MVR781.5 million from General Goods and Services Tax and MVR1,577.8 million on Tourism Goods and Services Tax (TGST). Business and Property Tax income has reached MVR1,110.1 million so far.

The highest revenue contributor from non-tax revenue sources is from Property Income with a cumulative total of MVR491.3 million whereas the previous primary non-tax revenue contributor of fees and charges levied by state reached MVR469.2 million.

As for recurrent expenditure, state spent a total of MVR4,478.1 million cumulative as of 4 April which included mainly salaries, wages and pensions of public sector employees that reached MVR2,345.2 million. Administrative and operational expenses of the state reached MVR1,815.3 million by the end of week-14.

State had injected MVR576.8 million so far into Public Sector Investment Program (PSIP) and the cumulative total of expense on development projects and investments overlays had reached MVR378.2 million.

Maldives state has so far settled a total of MVR327.6 million in loan repayment and transferred a cumulative total of MVR249.8 million to Sovereign Development Fund.

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