Ministry of Finance and Public Enterprises’ latest Weekly Fiscal Development Report has shown that Goods and Services Tax (GST) revenue increased by 8.2 percent to USD 287.29 million compared to the same period last year.
According to the report, the figure as of 15 October, is up from USD 265.24 million in the same period last year. The ministry attributed the growth to increased revenue from General GST, Withholding Tax, and other revenue sectors.
The report said total tax revenue rose to USD 1.60 billion, compared with USD 1.49 billion a year earlier. Meanwhile, total revenue and grants increased by 2.6 percent to USD 2.07 billion.
The ministry said GGST also recorded the largest increase in government revenue over a single week, highlighting the tax’s significant role in boosting domestic revenue.
Non-resident withholding tax revenue rose by 10.4 percent to USD 70.69 million. Import duty revenue increased by 15.2 percent to USD 180.93 million, while corporate income tax revenue rose by 9.2 percent to USD 195.20 million.
Other business tax revenues increased by 87.8 percent to USD 90.14 million. Airport service charge and departure tax revenue increased by 8.8 percent to USD 100.52 million, compared with the same period last year. Revenue from goods increased by 12.1 percent to USD 127.76 million, while grants received rose by 68.1 percent to USD 33.72 million.
Meanwhile, total government expenditure increased by 16.9 percent to USD 2.36 billion. Recurrent expenditure rose by 17.2 percent to USD 2.03 billion, while capital expenditure increased by 15.2 percent to USD 326.85 million.
Spending on grants and subsidies increased by 39.1 percent to USD 677.69 million, with subsidy expenditure rising by 73.3 percent to USD 279.51 million and Aasandha expenditure increasing by 16.9 percent to USD 124.51 million.
The budget deficit reached USD 291.83 million as of the 15th of the October, with expenditure exceeding revenue and grants.