The state budget has received 20.1 billion rufiyaa in revenue and grants. According to the Weekly Fiscal Development Report released by the Ministry of Finance, which includes government expenditure and revenue received up to July 10, the total revenue and grants received by the state by the end of last week amounted to 20.1 billion rufiyaa. This is an 8.9% increase compared to the same period last year.
Of this, the state has received 15.4 billion rufiyaa in taxes. Thus, 76.3% of the total revenue received by the state so far this year is from tax revenue. Among the tax revenue, due to changes in tax rates, the amount of revenue from Green Tax has increased by 96.5% compared to the same period last year. Additionally, revenue from Airport Service Charge has increased by 54.4%. Similarly, revenue from re-export royalties has significantly increased compared to the same period last year, while personal income tax has increased by 17.6%.
Among tax and non-tax revenues, Airport Development Fee revenue has increased by 53.3% compared to the same period last year. The main reason for this is that the number of tourists visiting the Maldives so far this year has increased by 9.1% compared to the same period last year, with over one million tourists visiting. Moreover, revenue from Land Acquisition and Conversion Fee, Lease Period Extension Fee, and resort lease payments have also increased during this period. With these increases, the total revenue and grants received by the state during this period this year have increased by 8.9% compared to the same period last year. With the increase in revenue, the amount deposited into the Sovereign Development Fund has also increased by 54.4%, reaching 1.1 billion rufiyaa.
Of the revenue and grants estimated in the budget approved by the Parliament for this year, 50.6% has been received by the state as of July 10, while 38.1% of the total expenditure estimated for this year has been recorded as state expenditure during this period.
