The Ministry of Finance has revealed that state revenue in the first nine months of 2022 was USD1.3 billion, which is a 35.8% increase.
Weekly Fiscal Developments report shows the Maldives received USD1.3 billion from January 1 to September 29 this year, which is a significant increase compared to the USD964 million in revenue received in the same period last year.
A large part of the state revenue was received from tax revenue amounting to USD957 million, which is an increase compared to the USD686 million received in the same period last year. The report shows that the state received tax revenue mostly in the form of import duties amounting to USD142 million, Business and Property Tax (BPT) amounting to USD246 million, and Goods and Services Tax (GST) amounting to USD466 million.
Meanwhile, the expenditure for the year has reached USD1.8 billion, which is a 19.8% increase compared to the same period last year. Around USD1.3 billion of the expenditure went to recurrent expenditures, which includes USD789 million for administrative and operational expenses as well as USD524 million for paying salaries, wages, and pensions.