Ministry of Finance has revealed the state revenue in 2022 has increased by 38.8% compared to last year.
The Weekly Fiscal Developments report shows the Maldives received USD1.4 billion from January 1 to October 20 this year, which is a significant increase compared to the USD1 billion in revenue received in the same period of last year.
A large part of the state revenue was received from tax revenue amounting to USD1 billion, which is an increase compared to the USD732 million received in the same period of last year. The non-tax revenue stood at USD382 million this year. The non-tax income includes airport development fees, dividends from government-owned companies, and property income. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD156 million, Business and Property Tax (BPT) amounting to USD253 million, and Goods and Services Tax (GST) amounting to USD486 million.
The Maldives is expected to receive USD2 billion in total revenue and grants next year which is a 21.8% increase compared to 2022. As such, the tax revenue is expected to be USD1.5 billion and non-tax revenue USD395 million by the end of the year.