The cumulative expenditure of the Maldives government reaches MVR 38.2 billion as of November 02, 2023, reports the Ministry of Finance.
According to the latest in the ministry’s ‘Weekly Fiscal Developments’, the state has earned MVR 28.1 billion in total revenue, inclusive of foreign grants, by the review date.
The overall balance for the period is a deficit of MVR 10.2 billion.
The cumulative total of tax revenues has reached MVR 20.4 billion, while non-tax revenues total reached MVR 7.1 billion. By the same period in 2022, tax revenues reached a cumulative total of MVR 16.7 billion and non-tax revenues to MVR 6.2 billion; indicating robust growth in the country’s economy in 2023.
The government has spent MVR 25.9 billion on recurrent expenses and another MVR 12.3 billion on capital expenditure.
The top revenues streams on a year-to-date basis include;
- TGST: MVR 7.1 billion
- GGST: MVR 3.8 billion
- Import Duties: MVR 2.8 billion
- Corporate Income Tax: MVR 2.7 billion
- Rent from Resorts: MVR 1.3 billion