State revenue hits MVR7bn and Expenses hit MVR6bn

Source: Mihaaru

The latest weekly fiscal development by Maldives Ministry of Finance has shown that the state expenditure has risen to MVR6,183.4 million (MVR6.1 billion) while revenue has hit MVR7,081.7 million (MVR7.0 billion).

The expenditure composition shows state had injected 78% of the expenditure on recurrent expenses and the remaining 22% on capital expenses. Revenue composition shows 74% of total revenue collected from tax-based sources while the remaining 26% was collected from non-tax sources.

Tax revenues collected to Maldives government, cumulative as of 18 April 2019 reached MVR5,225.2 million while the non-tax revenue has reached MVR1,484.7 million. Recurrent expenditure total reached MVR4,846.1 million while capital expenditure hit MVR1,337.3 million.

Goods and Services Tax continued its dominance as the major tax-based income source with MVR2,484.1 million collected – of which MVR1,726.9 million was collected through Tourism Goods and Services Tax and MVR809.4 million was collected from General Goods and Services Tax.

Government had also collected MVR1,170.7 million in Business and Property Tax as well.

From non-tax revenue fees and charges levied by government for various purposes pulled in the highest revenue at MVR547.5 million of which MVR253.8 million was collected in Airport Development Fee. Second highest non-tax revenue came from property income at MVR524.0 million.

In addition to this, state had also collected MVR20.3 million in SOE dividends.

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