The Ministry of Finance has revealed the Maldives has received USD 1.02 billion in cumulative revenue and grants so far this year.
The latest weekly fiscal developments report published by the finance ministry shows that the revenue received as of July 28 this year is a 42% increase compared to the USD722 million received in the same period last year. A large part of the state revenue was received from tax revenue amounting to USD768 million. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD104 million, Business and Property Tax (BPT) amounting to USD208 million, and Goods and Services Tax (GST) amounting to USD377 million.
Meanwhile, the expenditure for this year has reached USD592 million. The majority of the expenditure went to recurrent expenditures such as administrative and operational expenses as well as paying salaries, wages and pensions.
The tourism industry has grown since the COVID-19 outbreak and the government has been taking measures to respond to the rise in fuel and commodity prices in the global market due to the Russia-Ukraine conflict. The government has stated the economy is expected to return to pre-pandemic levels later this year.