The Maldives has reported a significant increase in revenue collection for the year, according to statistics released by the Ministry of Finance. As of 30 November, the Maldives Inland Revenue Authority (MIRA) collected a total of MVR 30.5 billion, marking an 18.6% increase compared to the same period in 2022.
The revenue earned between 1 January and 30 November 2023 comprises MVR 22.1 billion in taxes, MVR 7.5 billion in non-tax revenue, and MVR 305 million in grants. However, the expected revenue and grants as of 30 November were projected to be MVR 32.4 billion.
The tax revenue was further broken down into MVR 3.1 billion as import duty, MVR 5.1 billion as business and property tax (BPT), MVR 12 billion as goods and services tax (GST), MVR 917.1 million as green tax, and MVR 894.1 million as airport service charge and departure tax.
On the expenditure side, the government recorded MVR 43.8 billion until 30 November. This included MVR 28.6 billion as recurrent expenditure and MVR 13.2 billion as capital expenses. The recurrent expenditure comprised MVR 10.9 billion for salaries, wages, and pensions, with the remaining MVR 17.1 billion allocated for other administrative and operational costs.