Ministry of Finance has revealed a surge in the government's revenue generated within the first five months of the year, which exceeds USD959 million. The latest weekly fiscal report publicised by the ministry indicates that this contributes to an increase by USD45.8 million, in revenue in comparison to the revenue of USD914 million, generated within the same period, in 2023.
The fiscal report shows that the revenue comprises USD784 million in tax revenue, USD168 million in non-tax revenue, and USD1 million in aid received. Tax earnings include import duty, business and property tax (BPT), goods and services tax (GST), as well as earnings from GST. The breakdown of revenue generation includes USD71 million from import duties, USD181 million from BPT, USD453 million from GST, USD32 million from green tax, USD30 million from airport service charges and departure tax.
Furthermore, the report reveals that the government spending has also notably reduced. Expenditures within the first five months of the year totalled USD1.1 billion, with USD889 million allocated to recurrent expenses and USD226 million to capital expenditures. This represents a significant reduction in expenditures compared to the USD1.2 billion spent by the government in 2023, during the corresponding timeframe. Recurrent expenses cover USD350 million for salaries and allowances and USD525 million for administrative work. Meanwhile, capital expenditure primarily encompasses expenses related to structural development.