The government’s revenue rose to MVR 11.2 billion as of Thursday this week, while the budget deficit narrowed to MVR 3.4 billion, according to the latest figures from the Ministry of Finance.
The data shows the state collected MVR 8.7 billion in tax revenue and MVR 2.5 billion in non-tax revenue so far this year. Additionally, the government received MVR 56 million in grants. In comparison, during the same period last year, tax revenue stood at MVR 8.8 billion, non-tax revenue at MVR 1.9 billion, and grants at MVR 43.6 million.
Tourism Goods and Services Tax (TGST) remained the highest contributor to government income, generating MVR 3.6 billion as of April 10. The Green Tax brought in MVR 556.9 million, while MVR 437.1 million has been deposited into the Sovereign Development Fund this year.
Government spending so far this year has reached MVR 9 billion, with MVR 2.4 billion allocated to loan repayments.
The state’s primary balance stands at a deficit of MVR 3.4 billion. However, the overall budget balance for this year has improved to a deficit of MVR 2.1 billion, compared to a higher deficit of MVR 1.1 billion recorded during the same period last year.
The data shows the state collected MVR 8.7 billion in tax revenue and MVR 2.5 billion in non-tax revenue so far this year. Additionally, the government received MVR 56 million in grants. In comparison, during the same period last year, tax revenue stood at MVR 8.8 billion, non-tax revenue at MVR 1.9 billion, and grants at MVR 43.6 million.
Tourism Goods and Services Tax (TGST) remained the highest contributor to government income, generating MVR 3.6 billion as of April 10. The Green Tax brought in MVR 556.9 million, while MVR 437.1 million has been deposited into the Sovereign Development Fund this year.
Government spending so far this year has reached MVR 9 billion, with MVR 2.4 billion allocated to loan repayments.
The state’s primary balance stands at a deficit of MVR 3.4 billion. However, the overall budget balance for this year has improved to a deficit of MVR 2.1 billion, compared to a higher deficit of MVR 1.1 billion recorded during the same period last year.
