Mozambique: State revenues up almost 10% YoY in H1 to €2.133B

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Mozambique: State revenues up almost 10% YoY in H1 to €2.133B

5:08 CAT | 15 Sep 2023

File photo: DW

The Mozambican state’s current revenue grew by 9.8% in the first half of the year to more than 146.474 billion meticais (€2.133 billion), driven by an increase in tax collection, according to figures available to Lusa on Friday.

According to the economic and social balance of the execution of the State Budget from January to June, from the Ministry of Economy and Finance, this is an achievement equivalent to 42% of government estimates of expected current revenue in 2023, estimated for the entire year at almost 349,113 million meticais (€5,000 million).

Of the total revenue collected in the first half of the year, 90.3% relate to taxes collected in that period, with a total value of more than 132,488 million meticais (€1,930 million).

Value Added Tax (VAT) generated the most revenue for the state in the first half of the year, with 33,717 million meticais (€491 million), a drop of 2.3% compared to the same period in 2022 and, after six months, just 36 .7% of the estimate for the entire year.

The poor performance of this tax , the report explains, is the result of deducting 6,662 million meticais (€97 million) in VAT refunds.

Source: Lusa