Maldives has reported an increase of State revenue of 6.9 percent at the end of the first 14 weeks of the year.
According to the Ministry of Finance and Trade’s weekly fiscal update, as of 24 April, State revenue was at USD 804.2 million.
During this period Green Tax revenue doubled to surpass the revenue figure of the same period last year of USD 752.3 million.
The highest revenue generator so far this year is from Tourism Goods and Services Tax (TGST), according to the update. TGST collection stood at USD 246.4 million as opposed to USD 233.5 million in the same period last year. Green tax collection stood at USD 40.1 million as of 24 April compared to the USD 23.5 million in the same period last year.
State expenditure during the period stood at USD 680.19 million in comparison to USD 856 million during the same period last year. This included recurrent expenditure of USD 629.1 million and capital expenditure of USD 52.1 million.
The primary balance of this year's budget has so far risen to a surplus of USD123.2 million. The primary balance of the state budget was in deficit of USD 103.8 million. The overall balance of the state budget so far this year is in surplus of USD 227 million.