MPs grill ministers over ‘unrealistic’ revenue targets
MPs on the parliament’s budget review committee questioned ministers today about targets in the 2016 budget after revenue this year fell far short of forecasts.
15 Nov 2015, 9:00 AM
MPs on the parliament’s budget review committee questioned ministers today about targets in the 2016 budget after revenue this year fell far short of forecasts.
Presenting a record MVR27.4 billion (US$1.7 billion) state budget for 2016 last week, Finance Minister Abdulla Jihad had said that MVR21.5 billion was expected in revenue, although the government will only have earned MVR17.7 billion by the end of the year.
Despite failing to realise some US$100 million as acquisition fees from investments in Special Economic Zones (SEZ) this year, the government once again hopes to raise MVR1.5 billion (US$100 million) from SEZs next year.
Opposition MPs have criticised the proposed measures – which aim to generate MVR4 billion in additional revenue – as “unrealistic.”
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