Ministry of Finance has revealed this year’s state expenditure has exceeded income by USD 493 million.
The weekly fiscal development report of the finance ministry revealed USD 1.03 billion has been spent by the state from January 1 to August 20. The state income during this period was recorded as USD 532 million.
The fiscal development report revealed the state expenditure between January 1 and August 20 includes 68% recurrent expenditure and 32% capital expenditure. The largest percentage of recurrent expenditure involves employee salaries, benefits and pension.
Meanwhile, 82% of the income generated by the state this year includes tax revenue. In this regard, USD 188 million was generated as Goods and Services Tax (GST) and USD 142 million was generated as Business Profit Tax (BPT). Further income was generated through Tourism Goods and Services Tax (TGST), Import Duty, Green Tax and Income Tax.