Government expenditure exceeds MVR 31 billion

The Maldivian government's expenditure has exceeded MVR 31 billion so far this year.

Statistics revealed by the Ministry of Finance show that the expenditure for this year has reached MVR 31.5 billion by 13 October 2022. For the same period last year, the government expenditure was recorded at MVR 28.3 billion.

Finance Ministry's statistics show that the state has spent MVR 21.2 billion as recurrent expenditure. These include MVR 8.2 billion spent on salaries, wages and pension of staff, as well as the MVR 12.9 billion spent on administrative and operational expenses.

Statistics show that the state has so far spent MVR 3.6 billion on Salaries and Wages, MVR 3.3 billion on Allowances to Employees and MVR 1.3 billion on Pensions, Retirement Benefits and Gratuities.

The Ministry's statistics reveal that the state has spent MVR 6.5 billion as Grants, Contributions and Subsidies. As such MVR 1.4 billion was spent under 'Aasandha' and MVR 2.9 was spent on Subsidies.

The government has so far spent MVR 1.2 billion as Council Grants as well.

Statistics show that the government has so far spent MVR 7.7 billion as capital expenditure. For the same period last year, the government's capital expenditure was MVR 6.5 billion.

As such, MVR 327 million was spent on capital equipment and MVR 5.6 billion was spent on infrastructure assets. While MVR 1.4 billion was spent on development projects and investment outlays, it is recorded that the state spent MVR 457.5 million as domestic lending.

Moreover, statistics show that the government has spent MVR 2.5 billion for loan repayment.

So far this year, MVR 627.9 million was transferred to the Sovereign Development Fund and MVR 4.9 billion was spent on public sector investment programs.

Finance Ministry's statistics show that the state has earned a revenue of MVR 21.2 billion by 13 October 2022. During the same period last year, the state revenue was at MVR 15.8 billion.

The Ministry's statistics show that income generated from tax currently sits at MVR 15.3 billion. As such, the state received MVR 2.3 billion as General Goods and Services Tax and MVR five billion as Tourism Goods and Services Tax, by 13 October.

Statistics reveals that MVR 3.9 billion was generated as Business and Property Tax. This includes MVR two billion generated as Business Profit Tax, MVR 692.5 million as Withholding Tax, MVR 263.2 million as Individual Income Tax and MVR 904.9 million as Other Business and Property Taxes.

Finance Ministry's statistics goes on to show that the state has earned MVR 764 million as green tax so far this year.

Additionally, the state has earned MVR 117 million as royalties.

While the sate earned MVR 2.4 billion as Import Duties, statistics show that MVR 616 million was earned as Airport Service Charge.

The state received MVR 5.9 billion as Non-Tax Revenue, according to the Finance Ministry. This includes MVR 627.9 million earned as airport development fee and MVR 8.7 million as residential permit.

The state also earned MVR 614.6 million as registration and license fees.

Moreover, MVR 1.5 billion was earned as rent from resorts and MVR 158 million was earned as land acquisition and conversion fee.

Statistics also shows that the state earned MVR 199 million as fines and penalties so far this year.

In addition to this, the state has also earned MVR 529.7 million as SOE dividend.

Statistics show that Maldivian state received MVR 14.6 million as capital receipts and MVR 271.8 million as Grants, so far this year.