According to the report, corporate income tax was one of the main sources of revenue for the state during the period, with a revenue of MVR 2.7 billion as on 06 August.
PSM News
According to the latest Weekly Fiscal Developments Report released by the Ministry of Finance and Public Enterprises, the government's revenue and grants stood at MVR 26.5 billion as of 06 August.
Total revenue and grants increased by 9.3 percent to MVR 24.2 billion in the same period last year. Tax revenue, which accounts for the largest share of revenue, increased from MVR 18.7 billion to MVR 20.5 billion, or 10.1 percent.
Corporate income tax was one of the main sources of revenue for the state during the period, with a revenue of MVR 2.7 billion as on 06 August. This is an increase of 1.4 percent compared to MVR 2.6 billion in the same period last year.
GGST revenue increased by 10.4 percent over the same period last year. 3.4 billion this year as against MVR 3.1 billion last year. This is an additional MVR 323.7 million in GGST. Goods and services tax collection stood at MVR 10.5 billion as against MVR 9.9 billion in the same period last year. Tourism Goods and Services Tax (TGST) collection stood at MVR 7.1 billion while GGST accounted for MVR 3.4 billion.
Other income-generating sectors also made progress during the period. Accordingly, revenue from import duties increased from MVR 1.8 billion to MVR 2.0 billion, or 13.2 percent, while total revenue from business profit tax rose from MVR 4.5 billion to MVR 5.3 billion, or 18.5 percent. Non-resident withholding tax increased by 15.8 percent to MVR 885.0 million, while green tax revenue increased by 4.0 percent to MVR 1.3 billion. Airport service charge and departure tax increased by 14.9 percent to MVR 1.2 billion. Non-tax revenue stood at MVR 5.5 billion, up 2.6 percent from MVR 5.3 billion last year. Income from hard assets rose 33.1 percent to MVR 1.7 billion and dividends from state-owned companies rose 17.0 percent to MVR 483.1 million. Free aid amounted to MVR 454.8 million, more than double the MVR 221.2 million received in the same period last year.
The report shows that the government is meeting its debt obligations. The budget spent the most on foreign loans in the past week. As of 06 August 2026, the total expenditure on loan repayments stood at MVR 9.6 billion as against MVR 3.9 billion in the same period last year. This is an increase of 146.0 percent year-on-year. The total amount budgeted for loan repayment for 2026 is MVR 12.9 billion.
On the expenditure side, recurrent expenditure increased by 20.2 percent year-on-year to MVR 23.9 billion from MVR 19.9 billion. Expenditure on salaries, allowances, and pensions increased by 11.2 percent to MVR 9.4 billion, while government administration and administrative expenditure increased by 26.3 percent to MVR 14.4 billion. Aid and subsidy expenditure increased by 43.3 percent to MVR 7.8 billion, including a 75.7 percent increase in expenditure on subsidies to MVR 3.2 billion and a 17.2 percent increase in expenditure on Aasandha to MVR 1.3 billion.
Capital expenditure increased by 7.0 percent to MVR 3.4 billion from MVR 3.1 billion last year. Expenditure on land and buildings increased by 57.9 percent to MVR 1.1 billion, expenditure on bridges and harbors increased by 65.9 percent to MVR 261.0 million, and expenditure on other infrastructure increased by 39.1 percent to MVR 791.2 million. Expenditure on capital equipment also increased by 12.1 percent to MVR 416.8 million.
