State expenditure rises 13.5 percent for first eight months of 2012
18 Oct 2012, 10:18 AM
State expenditure for January to August this year increased 13.5 percent on the same period last year, according to figures from the Department of Planning.
According to statistics from the Finance Ministry, the Maldives is facing a budget deficit of MVR 2.1 billion (US$136 million) on the back of revenue of MVR 7.7 billion (US$499 million), and expenditure of MVR 9.8 billion (US$635 million).
Meanwhile, revenue figures published by the Maldives Inland Revenue Authority (MIRA) for September showed an increase in revenue of 16 percent compared to the same month in 2011, however this was 2 percent less that expected.
More than a third of total revenue (36.4 percent) came from tourism land rent, an increase of US$1.8 million on the previous year to 14.6 million, followed by the Goods and Services Tax (GST) which increased US$2.6 million to US$7.2 million – representing 28.6 percent of total revenue for the month.
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