The Government recorded a 1.3 per cent increase in state revenue and grants between January 1 and November 28, 2024, compared to the same period last year, according to the Ministry of Finance's Weekly Fiscal Developments Report.

State revenue and grants for the period reached MVR 31.1 billion, up from MVR 30.7 billion in 2023.  

Tax revenue saw significant growth, contributing MVR 23.7 billion, compared to MVR 22.1 billion in the corresponding period last year. The primary sources of tax revenue were Goods and Services Tax (GST), which brought in MVR 12.7 billion, and Business and Property Tax (BPT), amounting to MVR 5.7 billion.

Other tax revenues included:

Non-tax revenues during the same period totalled MVR 6.8 billion, while capital receipts amounted to MVR 11.2 million, and grants added MVR 581 million.

The Government’s expenditure totaled MVR 42.8 billion with recurrent costs accounting for MVR 30 billion, and capital expenditure reaching MVR 12.7 billion.