Maldives revenue rises by 5.5% as budget records MVR 1.5 billion surplus
As of 15 May, total revenue stood at MVR 14.4 billion, up from MVR 13.7 billion recorded during the same period in 2024.
Top Stories
Government revenue has reached MVR 14.4 billion so far this year, reflecting a 5.5% increase compared to the same period last year, according to the Weekly Fiscal Developments Report published by the Ministry of Finance.
As of 15 May, total revenue stood at MVR 14.4 billion, up from MVR 13.7 billion recorded during the same period in 2024.
Revenue breakdown includes:
-
MVR 11.2 billion from taxes, compared to MVR 11.1 billion last year
-
MVR 3.1 billion in non-tax revenue, up from MVR 2.3 billion
-
MVR 93.9 million in grants, down from MVR 236.9 million
Government expenditure for the same period totalled MVR 12.9 billion, a 20.3% decrease from MVR 16.2 billion spent last year.
As a result, the state budget showed a surplus of MVR 1.5 billion. This contrasts with a MVR 2.5 billion deficit recorded during the corresponding period in 2024.
The increase in revenue follows adjustments made late last year to several tax rates and fees, including the Tourism Goods and Services Tax (TGST), airport charges, and the green tax.
