State expenditure stood at MVR 4 billion so far this year, the Ministry of Finance has said.
According to the agency’s latest weekly fiscal report, expenditure as of 15 February was 30 percent lower than the MVR 5.9 billion spent over the same period last year.
State expenditure has been reduced by MVR 3.1 billion on recurrent expenses and MVR 905 million on capital expenses. The MVR 3.1 billion on recurrent expenses includes MVR 1 billion for salaries and allowances, and MVR 2.1 billion for administrative expenses.
Capital expenses mainly includes expenditure on infrastructure development.
According to the Ministry of Finance, the state has received MVR 4.4 billion so far this year — MVR 3.9 billion in taxes, MVR 505 million in levies and other fees, and MVR 9.9 million in aid.
Tax revenue mainly consists of import duty, business and property tax, Business Profit Tax (BPT) and goods and service tax (GST).
As of 15 February 2024, state revenue exceeded expenditure by MVR 400 million, according to the Finance Ministry data.
