The Ministry of Finance has revealed that the state revenue increased by USD363 million in 2022 compared to the previous year.
As per the financial statistics published by the finance ministry, the state received USD1.8 billion in revenue in 2022, which is an increase of USD363 million compared to the USD1.6 billion received in 2021. A large part of the state revenue was received from tax revenue amounting to USD1.2 billion in 2022, which is a 30.8% increase compared to the USD947 million received in 2021. The report shows that the state received tax revenue mostly in the form of Goods and Services Tax (GST) amounting to USD623 million, and Tourism Goods and Services Tax (TGST) amounting to USD422 million.
Furthermore, the state received USD532 million in non-tax revenue in 2022, which is a 32.2% increase compared to the USD402 million received in 2021. The state received most of its non-tax revenue from fees and charges including airport development fees amounting to USD53million, dividends amounting to USD42 million, and property income such as rent from resorts amounting to USD136 million.
The cumulative expenditure for the period is USD2.6 billion in 2022, which is an increase compared to USD2.4 billion in 2021. The majority of expenditure was spent on recurrent expenditures such as administrative and operational expenses. Additionally, USD571 million was spent on projects under the Public Sector Investment Programme (PSIP).