Finance Ministry Reports MVR 30.8 Billion in Revenue and MVR 44 Billion in Expenditure

The Ministry of Finance has reported that the state’s revenue for 2023 has reached MVR 30.8 billion, marking an increase from MVR 25.7 billion on December 7, 2022. 

Tax-related income stands at MVR 22.4 billion, with contributions from General Goods and Services Tax at MVR 4.1 billion and Tourism Goods and Services Tax at MVR 7.9 billion.

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Breakdowns reveal that business and property taxes, including corporate income tax, contributed MVR 5 billion, with MVR 2.8 billion from corporate income tax, MVR 1 billion from withholding tax, and MVR 343.1 million from individual income tax. Green tax revenue increased to MVR 920.7 million. In contrast, the Airport Service Charge contributed MVR 898.3 million.

Non-tax revenue amounts to MVR 7.7 billion, including MVR 924.5 million from the airport development fee, MVR 10.3 million from residential permits, MVR 781 million from registration and license fees, and MVR 1.4 billion from resort rent. Land Acquisition and Conversion Fee contributed MVR 40.6 million, and Fines and Penalties amounted to MVR 151.8 million.

Capital Receipts stand at MVR 305.3 million, and grants contribute MVR 557.6 million to the state’s revenue in 2023.

State Expenditure Overview:

As of December 7, 2023, the Ministry of Finance has disclosed that the state’s expenditure has reached MVR 44 billion, surpassing the MVR 39 billion spent during the same period in 2022. The detailed breakdown shows total recurrent and capital expenditures at MVR 42.3 billion, compared to MVR 34.6 billion in 2022.

MVR 28.8 billion has been utilised within recurrent expenditure, including MVR 10.9 billion for Salaries, Wages, and Pensions and MVR 17.3 billion for Administrative and Operational Expenses. Specifically, MVR 4.9 billion is allocated for salaries and wages, MVR 4.3 billion for allowances, MVR 1.2 billion for pensions, and MVR 536 million for retirement benefits and gratuities.

In comparison, 2022 saw MVR 10.2 billion spent on salaries, wages, and staff pensions by December 7, along with MVR 15.2 billion on administrative and operational expenses.

Statistics highlight an allocation of MVR 1.8 billion for Aasandha as of December 7 and subsidies amounting to an expenditure of MVR 3.7 billion. Council Grants disbursed reached MVR 1.8 billion.

Concerning capital expenditure, the government spent MVR 13.4 billion, an increase from MVR 9.2 billion in 2022. This includes MVR 561.5 million for Capital Equipment and a substantial MVR 10.5 billion for infrastructure assets, covering MVR 3.8 billion for Land and Buildings, MVR 3.4 billion for Roads, Bridges, and Airports, and MVR 950.5 million for Wharves, Ports, and Harbours.

Records indicate an expenditure of MVR 1.3 billion on investment outlays, with a cumulative spending of MVR 16.6 million on Development Projects. The government allocated MVR 1 billion for domestic lending and MVR 2 billion for Loan Repayment. In the current fiscal year, MVR 924.5 million has been transferred to the Sovereign Development Fund.

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