Revenue exceeded expenditure by MVR 585 million in the first month of the year, according to data released by the Ministry of Finance.

The latest weekly fiscal report released by the ministry indicated that the state received MVR 3.5 billion in January, while expenditure stood at MVR 2.9 billion.

Although revenue exceeded expenditure, the amount received this year was lower than the MVR 4.1 billion received over the same period last year.

According to the ministry, the revenue received so far this year includes MVR 3.2 billion in taxes, MVR 328 million in non-tax revenue, and MVR 2.5 million in grants.

Tax revenue mainly includes import duties, business and property tax, business profit tax (BPT) and goods and services tax (GST).

The state received MVR 176.8 million from import duties, MVR 1.5 billion in BPT, MVR 1.2 billion in GST, MVR 93.7 million in green tax and MVR 85.2 million in airport service charge and departure tax.

The expenditure stood at MVR 2.9 billion in January this year, compared to MVR 4.9 billion during the same period last year.

Expenditure included MVR 2.5 billion for recurrent expenditure and MVR 446.9 million for capital expenses. Recurrent expenditure included MVR 1.1 billion for salaries and allowances and MVR 1.4 billion for administrative expenses.