State revenue at MVR 11 billion, expenditure at MR 21 billion

Maldives Inland Revenue Authority (MIRA). (Sun Photo/Fayaz Moosa)

A report on the weekly fiscal developments released by Finance Ministry on Wednesday shows the State’s expenditure, as of October 29, stands at MVR 21.7 billion.

The MVR 21.7 billion in expenditures is well above the MVR 11.3 billion the State generated as revenue and grants during the period, presenting a MVR 10.4 billion shortfall.

The bulk of the revenue was generated from tax. As such, 77 percent of the revenue generated during the period was from tax revenue, while the remaining 23 percent was from non-tax revenue.

The State collected total MVR 8.7 billion as tax revenue. The biggest contribution to tax revenue was from Goods and Service Tax (GST) with MVR 3.4 billion.

 Meanwhile, the State collected total MVR 2.1 billion as non-tax revenue.  The biggest contribution to non-tax revenue was from fees and charges with MVR 740 million.

The State has also collected MVR 110 million in fines and penalties.

The bulk of the total expenditure went to recurrent expenditure. As such, 69 percent of the expenditure during the period was on recurrent expenditure, while the remaining 31 percent was on capital expenditure.

The greatest spending went to salaries, wages and pensions with MVR 8.1 billion.

The statistics also show the State has spent MVR 906 million on Aasandha health insurance and MVR 793.5 million on loan repayments.