Ministry of Finance has revealed that the state revenue in the first 11 months of 2022 was an increase of 28.6% compared to the same period last year.
The Weekly Fiscal Developments report shows the Maldives received USD1.6 billion in revenue and grants as of December 1, which is a 28.6% compared to the USD1.3 billion received in the same period last year.
A large part of the state revenue was received from tax revenue amounting to USD1.2 billion, which is a 35.6% increase compared to the USD860 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 USD202 million, Business and Property Tax (BPT) amounting to USD267 million, Goods and Services Tax (GST) amounting to USD573 million, and Tourism Goods and Services Tax (TGST) amounting to USD384 million.
Furthermore, the state received USD437 million in non-tax revenue, which is an increase compared to the USD326 million received in the same period last year. The state received most of its non-tax revenue from fees and charges including airport development fees amounting to USD162 million, and property income such as rent from resorts amounting to USD124 million.
The cumulative expenditure for the period is USD2.2 billion and the majority of expenditure was spent on recurrent expenditures such as administrative and operational expenses. Additionally, USD443 million was spent on projects under the Public Sector Investment Programme (PSIP).