Ministry of Finance has revealed that state revenue in the first three months of 2023 was USD544.7 million, which is a 14% increase.
Weekly Fiscal Developments report shows the Maldives received USD544.7 million from January 1 to March 30 this year, which is a significant increase compared to the USD479.8 million in revenue received in the same period last year. A large part of the state revenue was received from tax revenue amounting to USD434.5 million, which is an increase compared to the USD356.6 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 USD49.3 million, Business and Property Tax (BPT) amounting to USD103.7 million, and Goods and Services Tax (GST) amounting to USD246.4 million.
Meanwhile, the expenditure for the first three months of the year has reached USD713.3 million, which is a significant increase compared to the same period last year. Around USD492.8 million of the expenditure went to recurrent expenditures, which includes USD304.7 million for administrative and operational expenses as well as USD181.5 million for paying salaries, wages, and pensions.