As of the 3rd of this month, the state has accumulated a total of MVR 28.73 billion in revenue and grants, marking a 6.2% increase compared to the corresponding period of the previous year. According to statistics from the Ministry of Finance, this growth in revenue is primarily attributed to an 8.5% rise in tax revenue. This includes significant contributions from TGST, Import Duties, Business Profit Tax (BPT), GST, and Green Tax.
During the same period, total state expenditure rose by 17%, reaching MVR 30.86 billion. This increase comprises an 18.6% rise in recurrent expenditure and a 6.9% increase in capital expenditure. The highest expenditures were recorded in personnel emoluments and the construction sector. Furthermore, spending on Aasandha, council grants, and subsidies has also seen a notable upward trend. Due to the surge in overall expenditure, the primary surplus has declined by 68.6% to MVR 1.27 billion, resulting in an overall budget deficit of MVR 2.13 billion.
