The Ministry of Finance has revealed that the Maldives has repaid USD33 million in loans in the first two months of 2023.
Statistics from the finance ministry show that the Maldives repaid USD33 million in loans in January and February 2023, which is an increase compared to the USD22 million in the same period in 2022. The Maldives also received 310 million as of February 23 this year, which is a 24% increase compared to the USD248 million in revenue received in the same period in 2022.
The Maldives received the most revenue in taxes. As such, USD261 million were collected in tax revenue while USD249 million were collected in non-tax revenue. Around USD123 million were collected in Goods and Services Tax (GST), which is a 42% increase compared to the USD86 million collected in the same period in 2022.
The government increased the tax rate to avoid a downturn considering the current global economic situation. The finance ministry stated that the changes to the tax system are expected to generate a revenue of USD62.9 million from GST and USD136.2 million from Tourism Goods and Services Tax (TGST). Therefore, the tax changes will add USD194.5 million to the current state revenue.