Africa-Press – Mozambique. Current state revenues in Mozambique grew 12.2% year-on-year in the first quarter, to 73 billion meticais (€1,060 million), driven by increased tax collection.
According to the Ministry of Economy and Finance balance of state budget execution from January to March, accessed by Lusa this Tuesday, this is equivalent to 19.3% of the government’s revenue forecast for the whole of 2024, estimated at 377,974 million meticais (€5,487 million).
Of the total revenue collected by the state in the first quarter, 90% relates to taxes, amounting to 65,922 million meticais (€957.4 million), a 13.7% year-on-year increase, but with a rate of execution of only 18.9% of forecasts for the entire year.
Value Added Tax (VAT) on imports and internal operations yielded 28,282 million meticais (€410.7 million) in the first quarter, 14.7% more than the same period in 2023.
However, the report notes that the value of gross VAT charged up until the end of March was 21,571 million meticais (€313 million), almost 3,564 million meticais (€51.7 million) having been deducted in refunds.
Corporate Income Tax grew the most, by 31.8% to 15,609 million meticais (€1,308 million).
Mozambique’s gross domestic product (GDP) grew 5.01% in 2023, against 4.16% in 2022, with the government forecasting 5.5% GDP growth in 2024.
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