In 2023, Mozambique witnessed a significant 12.7% growth in state revenue, amounting to 321.921 billion meticais (€4.675 billion), largely due to increased tax collections.
This growth, detailed in a report from the Ministry of Economy and Finance, achieved 92.2% of the year’s projected revenue, initially estimated at nearly 349.114 billion meticais (€5 billion).
Tax revenue, 90% of the total, reached 293.589 billion meticais, up 11.6% from last year but 7% below expectations.
Value-added tax (VAT) revenue fell by 45.9%, totaling 63.455 billion meticais.
Projected 2023 VAT collection: 75.994 billion meticais, deducting 12.539 billion meticais for tax refunds.
Corporate income tax surged by 74% to 90.117 billion meticais, surpassing government expectations by 15%.
The GDP grew by 5.01% in 2023, up from 4.16% in 2022, reflecting improved economic performance.
Additionally, Mozambique saw a decrease in its annual inflation rate to 7.13%, a reduction of 3.17 percentage points from the year before.
The financial overview underscores the link between tax policies, revenue collection, and economic growth, indicating progress towards stability.