Monday, May 27, 2024

State revenues reached 73 billion meticais in the first quarter

The state’s current revenue rose significantly by 12.2% in the first quarter of 2024, totaling 73 billion meticais. This growth was mainly driven by the increase in tax collection.

According to the economic and social balance of the execution of the State Budget from January to March, released by the Ministry of Economy and Finance, 90% of the revenue collected corresponds to taxes, totaling 65.9 billion meticais.

This increase represents approximately 19.3% of the annual revenue forecast for 2024, estimated at 377.9 billion meticais by the Executive.

According to information from the Lusa news agency, Value Added Tax (VAT) on imports and domestic operations generated 28.2 billion meticais for the state in the first quarter of this year, an increase of 14.7% compared to the same period in 2023.

In addition, Corporate Income Tax (IRPC), paid by companies, saw a significant increase, reaching 15.6 billion meticais, representing an increase of 31.8% compared to the same period last year.

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