Ministry of Finance has revealed that state revenue in the first eight months of 2022 has increased 44%.
The Maldives received USD1.2 billion from January 1 to September 1 this year which is an increase of 44% compared to the USD832 million in the same period last year, according to the Weekly Fiscal Developments report released by the finance ministry. A large part of the state revenue was received from tax revenue amounting to USD883 million, which is an increase compared to the USD593 million received in the same period last year. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD135 million, Business and Property Tax (BPT) amounting to USD238 million, and Goods and Services Tax (GST) amounting to USD432 million.
Meanwhile, the expenditure for the year has reached USD1.6 million, which is a 19.9% increase compared to the same period last year. The majority of the expenditure went to recurrent expenditures such as administrative and operational expenses as well as paying salaries, wages, and pensions.