The state’s revenue climbed by USD 363 million in 2022 compared to the prior year, according to the Ministry of Finance.
According to the statistics publicised by the Ministry, the state’s revenue increased from USD 1.6 billion in 2021 to USD 1.8 billion in 2022. A significant portion of the state’s income came from taxes, which in 2022 totalled USD 1.2 billion, an increase of 30.8% over the USD 947 million received in 2021. The report shows that the state’s primary sources of tax revenue were the Goods and Services Tax (GST), which brought in USD 623 million, and the Tourism Goods and Services Tax (TGST), which brought in USD 422 million.
A further USD 532 million in non-tax revenue was obtained by the state in 2022, a 32.2% increase from USD 402 million in 2021. The majority of the state’s non-tax income came from fees and charges, such as airport development fees worth USD 53 million, dividends amounting to USD 42 million, and property income such as resort rent totalling USD 136 million.
In comparison to USD 2.4 billion in 2021, the total expenditure for the period is USD 2.6 billion in 2022. Recurrent expenses including operational and administrative costs accounted for the majority of spending. In addition, USD 571 million was spent on PSIP projects.