Ministry of Finance has revealed that the state has received more than USD1.5 billion in revenue so far this year.
According to the Weekly Fiscal Developments report published by the finance ministry, the Maldives received USD1.5 billion compared to the USD1.3 billion received in the same period last year.
The report showed that a large part of the state revenue was received from tax revenue amounting to USD1.2 billion, non-tax revenue of USD363 million and aid of USD22.8 million. The report showed that the state received tax revenue mostly in the form import duty, business and property tax, Business Profit Tax (BPT) and Goods and Services Tax (GST).
Meanwhile, the expenditure for the year has reached USD2.1 billion as of September 21. Around USD1.4 billion of the expenditure went to recurrent expenditures, with USD512 million for salaries and USD869 million for administrative costs. The remaining USD668 million went to capital expenditures, primarily for development projects.