Forty-five percent increase in state revenue

The Maldives has seen a 45-percent increase in revenue compared to last year.

This year's budget estimated a revenue of MVR 24.2 billion for this year, with MVR 34 billion estimated as expenditure.

According to the Finance Ministry, the government received MVR 19.1 billion in revenue as of September 8. The government received MVR 13.1 billion in revenue during the same period last year. The revenue collected by the government includes MVR 14.14 billion in taxes and MVR 4.9 billion as non-tax revenue.

The figures also show an increase in government expenditure compared to the same period last year. In this regard, as of September 8, government expenditure stood at MVR 25.1 billion, while the figure stood at MVR 20.8 billion during the same period last year.

Of the state expenditure, MVR 7.3 billion was spent on salaries, while another MVR 11 billion was incurred for administrative expenditure. Capital expenditure currently stands at MVR 6.7 billion.

The Maldives Inland Revenue Authority (MIRA) collected the highest revenue so far this year in July. The government received MVR 2.6 billion in July. The state has seen an increase in revenue in all months this year compared to last year.

The main reasons for the increase in revenue include an increase in the number of tourists visiting the Maldives and an increase in tourism-related tax revenue such as airport taxes and fees, TGST, and green tax.