Maldives Records 3.7% Revenue Hike, Collects MVR 11 Billion.

The Maldivian government has reported a significant surge in revenue, surpassing MVR 11 billion for the current fiscal year. The Ministry of Finance disclosed that the revenue hike is 3.7% more compared to last year.

According to the latest fiscal report released by the Ministry of Finance, revenue collected reached MVR 11.1 billion by April—a notable uptick from the MVR 10.7 billion recorded during the same period in the preceding year. 

- Advertisement -

The revenue breakdown showcases a diverse inflow of the government’s coffers. Tax revenue emerged as the principal contributor, amounting to MVR 9.2 billion, supplemented by MVR 1.8 billion in non-tax revenue and MVR 51.6 million in aid. 

Import duty, business and property tax (BPT), and goods and service tax (GST) dominated the tax revenue spectrum, with contributions including MVR 700 million from import duties, MVR 2.6 billion in BPT, and MVR 5.1 billion in GST. 

Additional revenues stemmed from green tax, airport service charges, and departure taxes, injecting vitality into the fiscal landscape.

In parallel, government expenditures witnessed a notable decline at MVR 12.6 billion for the ongoing fiscal year. This reduction marks a substantial contrast to the MVR 15.8 billion disbursed during the equivalent period in the previous year. 

Noteworthy allocations include recurrent expenditures amounting to MVR 9.7 billion, alongside capital expenditures reaching MVR 2.8 billion. Recurrent expenses, including salaries, allowances, and administrative costs, accounted for a substantial portion.

- Advertisement -