Maldives income at USD 700 million, expenditure at USD 738 million

Statistics from Ministry of Finance has showed that Maldives received an income of USD 700 million in the first 6 months of the year, while the state expenditure stood at USD 738 million.

Finance ministry estimates Maldives will receive an income of USD 1.508 billion. The statistics shows the state has received 46.2 percent of the estimated income within the first half of the year.

Maldives received the highest income via tax in the past 6 months. In this regard, the state received USD 531 million from Business Profit Tax (BPT), Goods and Service Tax (GST), Green Tax, Remittance Tax, Royalty, Import Duty and Airport Service Charge. The state received another USD 136 million from rent, fines and other charges.

The statistics also shows the expenditure stood at USD 738 million, which is USD 44 million more than the amount Maldives received as income by the end of June. In the first half of the year, Maldives spent USD 576 million as recurrent cost, including USD 310 million spent as salaries, allowances and pension, and USD 240 million spent as administrative costs.

The capital cost of the state stood at USD 162 million in the first half of the year, out of which USD 84 million were spent on Public Sector Investment Programme (PSIP) projects and USD 11.5 million were spent on the purchase of office equipment and furniture.