The State's revenue has recorded a notable increase in the first five months of the current financial year compared to the same period in the previous fiscal year.

According to the Weekly Fiscal Development Report published by the Ministry of Finance and Planning yesterday, MVR 16.77 billion has been collected in revenue and grants as of June 5, this year. This represents a rise from MVR 15.7 billion during the corresponding period last year, marking an approximate increase of MVR 1 billion.

The Government anticipates a total revenue of MVR 39.7 billion for the year. However, as of now, only 42 per cent of the projected revenue has been realised.

Of the total revenue generated, MVR 13 billion was derived from taxes, an increase from the MVR 12.5 billion collected in the same period last year.

The largest share of tax revenue came from the Goods and Services Tax (GST). The State received MVR 7.8 billion including revenue from both GST and Tourism Tax. In addition, Business Property Tax collections amounted to MVR 2 billion.

In terms of grants, the State has received MVR 100 million so far this year.

The total budget allocated for the current fiscal year stands at MVR 56.64 billion. Of this amount, MVR 20.46 billion has been expended to date. Expenditures on subsidies and pensions have reached MVR 6 billion, while administrative and operational expenses have amounted to MVR 8 billion.