Maldives state generates over MVR7.4b in revenue and grants

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Source: Mihaaru

The weekly fiscal development as of 25 April 2019 has revealed the cumulative revenue and grants of the Maldives state has reached over MVR7.4 billion.

According to the data by the Maldivian Ministry of Finance, the state expenditure hit MVR7.0 billion – cumulative as of 25 April.

Recurrent expense composed 81% of the total expenditure and capital expenses composed the remaining 19% of the total expenditure.

The state earned 74% of the total revenue through tax-based revenues while the remaining 26% of revenue was earned from non-tax revenue sources. Tax revenue increased by MVR5.5 billion (MVR5,544.7 million) as of 25 April whereas non-tax revenues increased by MVR1.5 billion (MVR1,542.2 million).

Revenue collected from Goods and Services Tax – both General GST and Tourism GST (TGST) inclusive – reached MVR2.7 billion while Business and Property Tax revenue reached MVR1.1 billion. Revenue collected from import duty has also cumulatively increased to reach MVR1.0 billion already.

Revenue collected from fees and charges have reached MVR568.0 million of which MVR259.0 million was collected as airport development fee. The dividends from state-owned enterprises reached MVR20.3 million as of 25 April 2019.

Grants received by the government by the 17th week of 2019 has reached MVR392.0 million while the capital receipts are at MVR6.7 million.

Recurrent expenditure reached MVR5.6 billion (MVR5,642.3 million) while the capital expenditure reached MVR1.3 billion (MVR1,363.3 million).

State has settled MVR419.0 million for loan repayments while MVR390.3 million has been transferred to Sovereign Development Fund.

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