Ministry of Finance has revealed that the state revenue in 2022 was 19.7% higher than estimated. The figure was published in the Budget Outcome Statement of 2022, which details the execution of the budget approved for the previous year. The report contains comparisons of the approved budget to the actual upon the preparation of the consolidated financial statements of the previous fiscal year.
As per the Budget Outcome Statement of 2022, the approved state budget for last year estimated that the Maldives will receive USD1.6 billion in revenue and grants. However, the government recorded USD1.9 billion, which is 19.7% higher than estimated. The state revenue exceeded expectations due to the economic recovery at the end of 2021 following the downturn during the COVID-19 pandemic. It resulted in more than the expected number of tourist arrivals to the Maldives.
The report highlights that the measures implemented by the government helped the country control and overcome the COVID-19 pandemic by the end of 2021. The state received a higher tax revenue than estimated from resort lease payments, land sales, and land transfer fees. In addition, the state received the largest amount in tax revenue from the collection of Goods and Services Tax (GST). Around USD201 million was collected as GST in 2022, which is 10.7% higher than estimated. The non-tax revenue was also higher than estimated in 2022.
Furthermore, the tax and non-tax revenue exceeded expectations but the amount received in grants last year was 83.6% lower than estimated. The state budget for 2022 estimated USD188 million but the state received USD71 million.