Ministry of Finance has revealed the Maldives received USD 730 million in revenue as of August 26.
The weekly fiscal development report published by the ministry shows the amount is higher than the USD 680 million received in revenue in the same period in 2020. The Maldives has recorded USD 538 million in tax revenue so far this year, which is also an increase compared to the USD 484 million in tax revenue recorded in 2020.
The state received less revenue in taxes in 2020 due to the decline in tourism following the COVID-19 pandemic. However, the state is now receiving more tax revenue following the recovery of the Maldives tourism industry.
Furthermore, the state received 74% of its revenue from taxes and 26% from non-tax revenues in 2021. The report also shows the Maldives has spent USD 1.175 billion so far this year, 78% of which was for recurrent expenditures and 22% was for capital expenditures.
The expenditure so far this year is a slight decrease compared to the same period in 2020, during which the country recorded USD 1.189 billion in expenditure. Most of the expenditure went to administrative and operational expenses as well as salaries, wages, and pensions.