Ministry of Finance has revealed the state has received an income of USD 395 million in the first 3 months of the year.
The state expenditure stood at USD 330 million during the period, according to the weekly financial review published by the finance ministry. Therefore, the statistics showed the state saved about 65 million US dollars in the first 3 months of the year.
In the first 3 months of the year, the state received the highest income from tax. In this regard, the state received nearly USD 300 million as tax, including USD 97 million as Tourism Goods and Services Tax (TGST) and USD 47 million as Goods and Services Tax (GST). The state also received over USD 71 million as Business and Property Tax and USD 49.5 million as Income Duty. The USD 71 million received as income, excluding tax revenues, include close to USD 30 million received as Airport Development Charge (ADC).
Meanwhile, USD 265 million was spent on salaries, allowances and other administrative costs. During the first 3 months, the state spent close to USD 65 million for development projects, including USD 32 million spent as Public Sector Investment Programme (PSIP).