State expenditure at MVR 7.2b, income at MVR 5.4b

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

Statistics released by Finance Ministry shows the State has spent over MVR 7 billion so far this year.

The weekly fiscal development released by Finance Ministry shows the State spent MVR 7.2 billion from January 1 to April 15.

The income generated by the State during the period is MVR 5.4 billion. MVR 4.3 billion of the income was from tax revenue, and the remaining MVR 1 billion was from non-tax revenue.

The biggest contribution to tax revenue came from 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 2.2 billion.

The State also collected MVR 1.1 billion as Business and Property Tax, and MVR 594.3 million as import duty.

The bulk of the total expenditure went to recurrent expenditure. As such, MVR 5.3 billion was on recurrent expenditure, while the remaining MVR 1.8 billion was on capital expenditure.

The greatest spending went to salaries, wages and pensions with MVR 1.1 billion.

The State also spent MVR 1.1 billion on subsidies and other aid, including MVR 439.4 million on Aasandha health insurance.

Statistics show the State also spent MVR 293.4 million on loan repayments during the period.