Gov’t exhausts MVR 42.8bn by November’s end
MVR 23.7 billion was received in taxes by November 28
Maldivian 10 Rufiyaa note
The state revenue received so far this year has increased compared to the same period last year and expenditure has exceeded the amount received in revenue.
This was revealed by the Ministry of Finance through its latest statistics.
So far this year, MVR 31.1 billion has been received as state revenue, while from January 1 to November 28 of last year, MVR 30.7 billion was received.
The tax revenue received by the state during this period also increased this year.
According to statistics released by the Ministry of Finance, the tax revenue received by the state also increased during the period.
As such, by November 28, MVR 23.7 billion was received in taxes. From January 1 to November 28 last year, MVR 22.1 billion was received.
As before, the largest portion of tax revenue comes from GST. From January 1 to November 28 this year, MVR 12.7 billion was received as GST. During the same period, MVR 5.7 billion was received from BPT. MVR 2.9 billion was received as import duty and MVR one billion was received in airport service charges and departure taxes.
Further, MVR 951.8 million was received as Green Tax during this period. By the end of November, the state received MVR 6.8 billion as non-tax revenue, MVR 11.2 million as capital receipts, and MVR 581 million as grants.
The Weekly Fiscal Developments Report shows that although revenue rose to MVR 31.1 billion, state expenditures were much higher than the revenue received. By the end of November, MVR 42.8 billion was spent. A large chunk of this was spent on operational expenses. As such, recurrent expenditure is MVR 30 billion. Capital expenditure is reported to be MVR 12.7 billion.
