Thursday
19th Dec 2024
Dhivehi Edition
Ministry of Finance.
The Ministry of Finance has reported significant progress in state revenue collection, with total earnings reaching MVR 29.97 billion as of November 28, reflecting a 1.3% increase compared to the same period last year. In 2023, the state collected MVR 29.67 billion during this period, including foreign grants.
The fiscal report highlights that tax revenue remains the primary driver of this growth, contributing MVR 23.04 billion to the total, an increase from MVR 21.52 billion collected in 2023. Non-tax revenue amounted to MVR 6.78 billion, which includes MVR 11.1 million from capital receipts and MVR 562.2 million from donations.
Breaking down tax revenue sources, the government earned:
- MVR 2.89 billion from Import Duty
- MVR 5.69 billion from Business and Profit Tax (BPT)
- MVR 12.68 billion from Goods and Services Tax (GST)
- MVR 949.6 million from Green Tax
- MVR 998.6 million from Airport Services Charge and Departure Tax
State expenditures totaled MVR 43.01 billion during the same period. Recurrent expenses accounted for MVR 29.23 billion, while MVR 12.65 billion was allocated to capital expenditures.
The steady increase in revenue reflects the effectiveness of the government’s fiscal strategies and enhanced revenue collection mechanisms, ensuring sustainable economic growth for the Maldives.