State revenue reaches MVR 10 billion, expenditure exceeds MVR 13 billion

Ministry of Finance has disclosed the latest figures of government income and expenditure . As per the figures revealed, the state revenue has reached MVR 10 billion while expenditure has exceeded MVR 13 billion.

Statistics revealed by the Ministry show that the state has received MVR 10.3 billion as revenue, by May 12, 2022. The state revenue was at MVR 7.8 billion during the same period last year.

The Ministry's statistics show that income generated from tax has reached MVR 7.3 billion.

As such, the state received MVR 1.08 billion as General Goods and Services Tax and MVR 3.07 billion as Tourism Goods and Services Tax. Moreover, MVR 1.3 billion was generated as Business and Property Tax.

While the sate earned MVR 1.09 billion as Import Duties, statistics show that MVR 285.8 million was earned as Airport Service Charge.

The amount received as green tax is at MVR 398.4 million, the Maldivian state received MVR 48.1 million as royalties.

The state received MVR 3 billion as Non-Tax Revenue, according to the Finance Ministry.

As such, MVR 289.2 was generated as Airport Development Fee, MVR 3.6 million was generated as Residential Permit and MVR 280.8 was generated as Registration and License Fees, while MVR 754.3 million was generated from Property Income.

These include; MVR 694.2 million as Rent from Resorts and MVR 3.4 as Land Acquisition and Conversion Fee.

Additionally, MVR 119.7 million was generated by the state as Fines and Penalties. The state also received MVR 126.4 million as SOE Dividends.

Statistics show that Maldivian state received MVR 5.8 million as capital receipts and MVR 137.2 million as Grants, so far this year.

Statistics made public by the Ministry of Finance show that the state has spent MVR 13 billion by May 12, 2022. For the same period last year, the recorded state expenditure was MVR 13.9 billion.

Finance Ministry's statistics show that the state spent MVR 9.3 billion as recurrent expenditure. These include MVR 3.6 billion spent on salaries, wages and pension of staff, as well as the MVR 5.7 billion spent on administrative and operational expenses.

The government has so far, spent MVR 3 billion as capital expenditure. As such, MVR 117.3 million was spent on capital equipment and MVR 1.9 billion was spent on infrastructure assets. While MVR 933.7 million was spent on development projects and investment outlays, it is recorded that the state spent MVR 113.4 million as domestic lendings.

Moreover, statistics show that the government has spent MVR 722.9 million for loan repayment.

So far this year, the government spent MVR 1.9 billion on public sector investment programs, MVR 195 million was transferred to the Sovereign Development Fund and MVR 9.2 was spent as Subscription to Multilateral Agencies.