State revenue reaches MVR 28.7 billion

The Ministry of Finance has revealed that the state revenue has reached MVR 28.7 billion so far in 2023.

Statistics released by the Finance Ministry show that the state revenue reached MVR 28.7 billion by 16 November 2023. The state revenue at 16 November, 2022 was at MVR 24.4 billion.

The Ministry's statistics show that income generated from tax currently sits at MVR 20.9 billion. During the same period last year, the state earned MVR 17 billion as tax revenue.

Statistics show that the state received MVR 3.8 billion as General Goods and Services Tax and MVR 7.2 billion as Tourism Goods and Services Tax, by 16 November.

Statistics reveal that MVR five billion was generated as Business and Property Tax. This includes MVR 2.8 billion generated as Corporate Income Tax, MVR 997.4 million as Withholding Tax and MVR 337.6 million generated as Individual Income Tax.

Finance Ministry's statistics further show that the state had earned MVR 846.6 million as green tax during this period. During the same period last year, the state earned MVR 829.8 million as green tax.

Statistics show that MVR 847.9 million was earned as Airport Service Charge.

The state received MVR 7.3 billion as Non-Tax Revenue, according to the Finance Ministry.

This includes MVR 873.2 million earned as airport development fee, MVR 9.9 million as Residential Permit, MVR 735.6 million as Registration and License Fees, and MVR 1.4 billion as rent from resorts.

The state had also earned MVR 1.4 billion as Land Acquisition and Conversion Fee.

Statistics also show that MVR 141.4 million has been earned as Fines and Penalties so far this year.

Finance Ministry's statistics show that the state has earned MVR five million as Capital Receipts and MVR 490.2 million as grants so far this year.

Furthermore, the state expenditure had reached MVR 41.6 billion by 16 November, 2023.

Statistics revealed by the Ministry of Finance shows that the government expenditure is more than the amount they spent during the same period last year. As such, while the state has so far spent MVR 41.6 billion in 2023, for the same period of 2022, the government expenditure was recorded at MVR 35.2 billion.

The total Recurrent and Capital Expenditure of the state currently sits at MVR 39.5 billion. During the same period of 2022, the total Recurrent and Capital Expenditure of the state sat at MVR 32.7 billion.

Ministry's statistics show that the state spent MVR 26.8 billion as Recurrent Expenditure. This include MVR 9.9 billion spent on Salaries, Wages and Pension of staff, as well as MVR 16.4 billion spent on Administrative and Operational Expenses.

Statistics show that MVR 1.6 billion was spent on Aasandha by 16 November.

Additionally, the state has so far spent MVR 3.6 billion on subsidies.

Finance Ministry stated that the government has so far spent MVR 1.8 billion as Council Grants.

Statistics show that the government spent MVR 12.7 billion as Capital Expenditure. For the same period of 2022, the government's Capital Expenditure was MVR 8.8 billion.

So far this year, MVR 873.2 million has been transferred to the Sovereign Development Fund and MVR 1.9 million has been spent as loan repayment.