Non-tax revenue drops 2.8% to MVR 4.7 billion

The non-tax revenue generated by the state has declined by 2.8 percent compared to the previous year, according to statistics released by the Finance Ministry.

The latest weekly fiscal report released by the Finance Ministry shows the state collected MVR 4.72 billion in non-tax revenue as of July 2. This marks a 2.8 percent or MVR 136 million dip compared to the MVR 4.85 billion collected during the same period last year.

The Finance Ministry projects the state will earn MVR 8.70 billion in non-tax revenue this year. Therefore, the state has collected 54 percent of this figure halfway into the year.

The decline in non-tax revenue is attributed to dips in various fees and charges. As such, revenue from expatriate quota fee declined from MVR 170 million to MVR 152 million, while other fees and charges, the details of which weren’t specified, declined from MVR 874million to MVR 352 million.

Meanwhile, dividends from state-owned enterprises declined from MVR 411 million to MVR 340 million.

The state has generated total MVR 22.4 billion in revenue and grants so far this year – roughly half of the MVR 40.4 billion it expects to collect this year.

A staggering 87 percent of the expenditure this year has gone into recurrent expenses such as salaries and administrative and operational costs.