Forty-five percent increase in state revenue
The Maldives recorded a 45% increase in revenue compared to last year.
This year’s budget estimated an income of 24.2 billion MVR for this year, with an estimated 34 billion MVR as expenditure.
According to the Ministry of Finance, the government received MVR 19.1 billion in revenue as of September 8. The government received MVR 13.1 billion in revenue during the same period last year. Revenue collected by the government includes MVR 14.14 billion in taxes and MVR 4.9 billion in non-tax revenue.
The figures also show an increase in public spending compared to the same period last year. In this regard, as of September 8, government expenditure amounted to MVR 25.1 billion, while this figure stood at MVR 20.8 billion during the same period last year.
Of the state expenditure, MVR 7.3 billion was spent on salaries, while a further MVR 11 billion was incurred for administrative expenses. Capital expenditure currently stands at MVR 6.7 billion.
The Maldives Revenue Authority (MIRA) collected the highest revenue so far this year in July. The government received 2.6 billion MVR in July. The state has seen an increase in revenue every month this year compared to last year.
The main reasons for the increase in revenue include an increase in the number of tourists visiting the Maldives and an increase in tourism-related tax revenue such as airport taxes and charges, TGST and green tax.