Mozambique: State revenues grow by 8.8% to €931M in Q1

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Mozambique: State revenues grow by 8.8% to €931M in Q1

4:10 CAT | 03 Aug 2023

File photo: Lusa

Current revenues of the Mozambican state grew 8.8% in the first quarter, to 65,054 million meticais (€931 million), driven by a 3.1% increase in taxes collected, according to official data compiled today by Lusa.

According to the economic and social balance of the execution of the State Budget from January to March from the Ministry of Economy and Finance, this is an achievement equivalent to 18.6% of the expected collection with current revenues in 2023, estimated by the government for the whole year at almost 349,113 million meticais (€5,000 million).

Of the total revenue collected in the first quarter, 89.1% relate to taxes collected in that period, in the total amount of practically 57,963 million meticais (€830.2 million).

Value Added Tax (VAT) earned the most for the state in the first quarter, with 16,359 million meticais (€234 million), still a drop of 7.7% compared to the same period in 2022.

The performance, the report also explains, results after deducting 3,232 million meticais (€46.3 million) in VAT refunds.

The “contribution of megaprojects”, related to the extraction of oil and gas and energy production, reached 8,708 million meticais in this period, corresponding to 13.4% of the total revenue collected and a growth of 55.4% compared to the same period of the previous fiscal year.

Source: Lusa