Ministry of Finance has revealed that the state revenue so far in 2022 is 4.98% higher than the expected amount.
As per the financial statistics published by the finance ministry, the state received USD2 billion in revenue from January 1 to December 15 this year which is a 4.98% increase compared to the government's estimate of USD1.5 billion.
A large part of the state revenue was received from tax revenue amounting to USD1.1 billion, which is an 18.4% increase compared to the estimated tax revenue of USD993 so far this year. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD210 million, Business and Property Tax (BPT) amounting to USD140 million, Goods and Services Tax (GST) amounting to USD600 million, and Tourism Goods and Services Tax (TGST) amounting to USD400 million.
Furthermore, the state received USD500 million in non-tax revenue, which is an increase compared to the USD344 million received in the same period last year. The state received most of its non-tax revenue from fees and charges including airport development fees amounting to USD51 million, dividends amounting to USD40 million, and property income such as rent from resorts amounting to USD123 million.
The cumulative expenditure for the period is USD2.4 billion as of December 15 and the majority of expenditure was spent on recurrent expenditures such as administrative and operational expenses. Additionally, USD530 million was spent on projects under the Public Sector Investment Programme (PSIP).