Ministry of Finance has reported that the country has paid off MVR 501.3 million in loans during the first two months of 2023. This amount is higher compared to the MVR 336.7 million paid off during the same period in 2022.
As of February 23, 2023, the Maldives’ total revenue has increased by 24% to MVR 4.8 billion from MVR 3.8 billion in the same period in 2022. Taxes contributed the most revenue, with MVR 4.0 billion collected in tax revenue and MVR 3.8 billion in non-tax revenue.
The Maldives collected almost MVR 2 billion in Goods and Services Tax (GST), which is a 42% increase compared to the MVR 1.3 billion collected in the same period in 2022. The government increased the tax rate to mitigate the effects of the current global economic situation.
The finance ministry anticipates that the changes to the tax system will generate MVR 970 million from GST and MVR 2 billion from Tourism Goods and Services Tax (TGST), leading to an additional MVR 3.0 billion in state revenue.