The Ministry of Finance has revealed that the state has received more than USD1.8 billion in revenue so far this year.
According to the Weekly Fiscal Development Report published by the finance ministry, the Maldives received USD1.8 billion as of November 2 compared to the USD1.5 billion received during the same period last year.
The report highlights that a significant portion of the state revenue as of November 2 is attributed to tax revenue, amounting to USD1.3 billion, non-tax revenue amounting to USD460 million, and grants amounting to USD31 million. The report showed that the state received tax revenue mostly in the form import duty amounting to USD175 million, Business and Property Tax (BPT) amounting to USD318 million, USD707 million Goods and Services Tax (GST), USD54 million in Green Tax, and USD53 million in Airport Service Charges and Departure Tax.
Meanwhile, the expenditure for the year has reached USD2.5 billion as of November 2. Around USD1.7 billion of the expenditure went to recurrent expenditures, with USD642 million for Salaries and Wages and USD1 billion for administrative costs. The remaining to capital expenditures, primarily for development projects.