Current state revenue grew 12.2 per cent year-on-year in the first quarter in Mozambique to 73 billion meticals (1,060 million euros), driven by an increase in tax collection, according to official figures.
According to the economic and social balance of the implementation of the State Budget from January to March, from the Ministry of Economy and Finance, to which Lusa had access today, this is a realisation equivalent to 19.3% of the forecast for the whole of 2024, whose revenues are estimated by the government at 377.974 billion meticals (5.487 billion euros).
Of the total revenue collected by the state in the first quarter, 90 per cent relates to taxes collected, amounting to 65,922 million meticals (957.4 million euros), which increased by 13.7 per cent year-on-year, but with an execution rate, compared to the forecast for the whole year, of 18.9 per cent.
Value Added Tax (VAT) on imports and domestic operations earned the state 28,282 million meticals (410.7 million euros) in the first quarter, 14.7 per cent more than in the same period in 2023.
However, the report recalls that the value of gross VAT collected up to the end of March was 21,571 million meticals (313 million euros), with almost 3,564 million meticals (51.7 million euros) having been deducted in refunds of that tax.
Corporate Income Tax, paid by companies, grew the most, by 31.8 per cent to 15,609 million meticals (1,308 million euros).
Mozambique’s gross domestic product (GDP) grew by 5.01 per cent in 2023, compared to 4.16 per cent in 2022, with the government forecasting 5.5 per cent in 2024.
Lusa
