According to the statistical reports of the Finance Ministry, the state’s revenue so far this year is higher than estimated.
According to the latest figures released by the Finance Ministry, the government received MVR 25.4 billion as of the 15th of this month. This is 4.9 percent higher than the estimated total revenue of MVR 24.2 billion.
According to the statistics, while the state has received MVR 25.4 billion so far this year, this includes MVR 18.1 billion in taxes, MVR 7.1 billion in non-tax revenue, and MVR 328 million in aid.
Meanwhile, government expenditure stood at MVR 36.1 billion, which is lower than the MVR 39.9 billion expected this year. Of the MVR 36.1 billion spent, MVR 26.3 billion was for recurrent expenditure, and MVR 9.8 billion was for capital expenditure.
GST was the largest source of tax revenue, which stood at MVR 8.9 billion. Import duty stood at MVR 3.2 billion while green tax revenue stood at MVR 908 million.
Various fees accounted for the largest share of non-tax revenue, which stood at MVR 2.8 billion.
It is notable that after a dip in the local economy in 2020, the economy is returning to pre-COVID levels. Experts say the economy will also accelerate this year and the next.
According to the latest figures released by the Finance Ministry, the government received MVR 25.4 billion as of the 15th of this month. This is 4.9 percent higher than the estimated total revenue of MVR 24.2 billion.
According to the statistics, while the state has received MVR 25.4 billion so far this year, this includes MVR 18.1 billion in taxes, MVR 7.1 billion in non-tax revenue, and MVR 328 million in aid.
Meanwhile, government expenditure stood at MVR 36.1 billion, which is lower than the MVR 39.9 billion expected this year. Of the MVR 36.1 billion spent, MVR 26.3 billion was for recurrent expenditure, and MVR 9.8 billion was for capital expenditure.
GST was the largest source of tax revenue, which stood at MVR 8.9 billion. Import duty stood at MVR 3.2 billion while green tax revenue stood at MVR 908 million.
Various fees accounted for the largest share of non-tax revenue, which stood at MVR 2.8 billion.
It is notable that after a dip in the local economy in 2020, the economy is returning to pre-COVID levels. Experts say the economy will also accelerate this year and the next.
