Ministry of Finance has revealed that the state has received more than USD800 million in revenue so far in 2023 compared to the same period in 2022.
According to the Weekly Fiscal Developments report published by the finance ministry, the Maldives received over USD823 million as of May 18 this year, which is a significant increase compared to the USD674 million received in revenue in the same period last year.
The report showed that a large part of the state revenue was received from tax revenue amounting to USD621 million, which is an increase compared to the USD487 million received in the same period last year. The report showed that the state received tax revenue mostly in the form of Goods and Services Tax (GST) amounting to USD357.3 million and Business and Property Tax (BPT) accounted for the second largest share of tax revenue with a total of USD129.7 million. Non-tax revenue also stood at USD194.5 million during the period, which is an increase compared to the USD167.3 million received in the same period last year.
Meanwhile, the expenditure for the year has reached USD1.2 billion as of May 18, which is a significant increase compared to the USD869 million reached during the same period last year. Around USD739.2 million of the expenditure went to recurrent expenditures.