Ministry of Finance has revealed that the state has received more than USD900 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 USD900 million as of June 8 this year, which is a 32.8% increase compared to the USD765 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 USD717 million. The report showed that the state received tax revenue mostly in the form of Goods and Services Tax (GST) amounting to USD291.8 million and Business Profit Tax (BPT) accounted for the second largest share of tax revenue with a total of USD142.6 million. Non-tax revenue also stood at USD181.5 million during the period.
Meanwhile, the expenditure for the year has reached USD1.3 billion as of June 8, which is a 17% increase compared to the USD1.1 billion spent during the same period last year. Around USD745.7 million of the expenditure went to recurrent expenditures and USD278.8 went to capital expenditures. The report also showed that the government spent USD103.7 million to repay loans.