The Maldives Ministry of Finance reveals that the planned state budget for the upcoming 2022 has been fixed at MVR37 billion.
Moreover, the state body made the revelation in their fiscal debt strategy, adding that the expected revenue to the state in the next year is MVR23.6 billion. In addition to this, Maldives state expects MVR22 billion in foreign grants.
According to the state body, the expected revenue contributors include MVR14 billion from taxes and a non-tax revenue total of MVR5 billion.
Meanwhile, state expects a total revenue of MVR1.3 billion from planned income streams and sources for the next year. The new income streams planned by the state for the year 2022 include;
- Increment of Airport Tax Rate
- Real Estate Tourism
- Quota-Fees of Expatriates
- Incrementing Resident Permit fees
- Congestion Charges
- Spectrum Charges
Furthermore, the state expenditure for the upcoming fiscal year is expected to top at MVR33.8 billion while an annual budgetary deficit of MVR10.2 billion is expected.
Moreover, the Ministry of Finance had also revealed that increasing the state budget to MVR40 billion would pose challenges to produce adequate finances for the state.