MALÉ – The Maldives’ total state revenue and grants reached MVR 7.7 billion during the first two months of the current year, according to statistics released by the Ministry of Finance.

The Ministry of Finance’s weekly financial report indicates that from 1 January to 26 February, the cumulative state income amounted to MVR 7.7 billion. This figure represents a significant portion of the MVR 40.3 billion revenue projected for the entire year.

Analysis of Revenue Streams

Tax revenue constituted the largest percentage of the state’s income during this period. This category includes Goods and Services Tax (GST), Business Profit Tax, and Import Duty.

A notable increase in revenue was recorded from Tourism Goods and Services Tax (TGST) over the past week. This surge is attributed to the ongoing tourist season, which typically sees higher visitor numbers and related economic activity.

Non-tax revenue sources also contributed to the total income, encompassing resort lease rents, various fees, and fines.

State Expenditure Overview

During the same period, the total state expenditure amounted to MVR 5.9 billion. This spending falls within the MVR 49.2 billion budget approved for the current fiscal year.

Leading Government Spenders