Finance Ministry Reports State Revenue Reaches MVR 29.3 Billion in 2023

According to official statistics, The Ministry of Finance reported that the state’s revenue reached MVR 29.3 billion as of November 23, 2023. This marks an increase from the MVR 24.9 billion recorded at the same point in 2022.

The breakdown of revenue sources indicates that tax income stands at MVR 21.2 billion, compared to MVR 17.4 billion during the same period last year. Specifically, the state received MVR 3.9 billion from General Goods and Services Tax and MVR 7.3 billion from Tourism Goods and Services Tax by November 23.

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Business and property Taxes contributed MVR 5 billion, including MVR 2.8 billion from corporate income tax, MVR 999.8 million from withholding tax, and MVR 338.5 million from individual income tax.

Green tax amounted to MVR 863.9 million, slightly higher than the MVR 847.4 million recorded in the corresponding period last year. Additionally, MVR 847.9 million was earned as an Airport Service Charge.

Non-tax revenue reached MVR 7.4 billion, including revenue from airport development fees, residential permits, registration and license fees, and resort rents. Land Acquisition and Conversion Fee contributed MVR 40.6 million, while Fines and Penalties accounted for MVR 144 million.

The Finance Ministry’s data shows that the state received MVR 305.2 million as Capital Receipts and MVR 491.3 million as grants in 2023. On the expenditure side, the state disbursed MVR 42 billion by November 23, 2023, surpassing the MVR 35.9 billion spent during the same period in 2022.

The total recurring and capital expenditure amounts to MVR 40 billion, an increase from the MVR 33.3 billion recorded in 2022. Recurrent Expenditure, totalling MVR 27.1 billion, includes MVR 9.9 billion for Salaries, Wages, and Pensions and MVR 16.8 billion for Administrative and Operational Expenses.

A significant portion of the expenditure, MVR 3.6 billion, has been allocated for subsidies, with MVR 1.8 billion designated as Council Grants. Capital Expenditure stands at MVR 12.9 billion, reflecting an increase from the MVR 8.9 billion recorded in the same period in 2022.

The Finance Ministry notes that MVR 886.7 million has been transferred to the Sovereign Development Fund, and MVR 1.9 million has been spent on loan repayment in 2023.

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