Ministry of Finance has revealed the Maldives has received more in revenue so far this year compared to the same period last year.
The weekly fiscal development report published by the ministry shows 78% of the revenue composed of taxes. The report shows the Maldives has received USD 505 million in revenue and grants as of June 3, 2021, which is an increase compared to the USD 427 million received in the same period in 2020.
The Maldives has recorded USD 395 million in tax revenue so far this year, which is also an increase compared to the USD 330 million in tax revenue recorded in 2020. The report shows the Maldives received USD 104 million in non-tax revenue so far this year, while the country received USD 84 million in non-tax revenue in the same period last year. In addition, the Maldives has received USD 4.6 million in grants.
The report also shows the Maldives has spent USD 732 million so far this year, 76% of which was for recurrent expenditures and 24% was for capital expenditures. The expenditure so far this year has decreased compared to the same period in 2020, during which the country recorded USD 738 million in expenditure.