State revenue increases by 31.8%

Ministry of Finance has revealed that state revenue has increased 31.8% so far this year compared to the same period last year.

In its Monthly Economic Indicators, the finance ministry published information on state revenue and expenditure from January 1 to November 17. As per statistics, the state recorded revenue of USD1.53 billion so far this year which is a 31.8% hike compared to the USD1.16 billion received in revenue during the same period last year.

A large part of the state revenue was received from tax revenue amounting to USD1.09 billion, which is an increase compared to the USD799 million received in the same period of last year which is a 37.3% increase. The report shows that the state received tax revenue mostly in the form of import duties, Business and Property Tax (BPT), Goods and Services Tax (GST), and Tourism Goods and Services Tax (TGST). The state received USD526 million as GST which is an increase of 32.7% compared to the USD396 million received during the same period last year. The non-tax revenue stood at USD422 million so far this year. The non-tax income includes airport development fees, dividends from government-owned companies, and property income.

The report showed that the government projects and expenditures also increased compared to last year. The government also spent USD2.09 billion during the same period this year, compared to USD1.7 billion during the same period last year.