Government revenue stood at MVR 34.52 billion, with a 5 percent increase in TGT revenue
According to the publication, the main reason for this growth was the change in tax revenue.
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As of October 29, 2026, the state received MVR34.52 billion in total revenue and grants, an increase of 5.3 percent compared to MVR32.79 billion in the same period in 2025, according to the latest Weekly Fiscal Developments released by the Ministry of Finance and Public Enterprises The report states.
The main reason for this growth was the change in tax revenue. Tax revenue rose 9.1 percent to MVR26.70 billion from MVR24.48 billion in the same period last year.
Tourism Goods and Services Tax (TGST), which accounts for the largest share of government revenue, increased by 5.0 per cent. That’s up from MVR8.88 billion in the same period in 2025 to MVR9.32 billion. In addition, TGST has also generated the highest revenue for the past week as the tourism sector continues to generate sustainable revenue.
As for other revenue sources, business and property taxes increased by 23.7 percent to MVR6.07 billion. Import duty rose 12.3 percent to MVR2.90 billion, while General Goods and Services Tax (GGST) collection stood at MVR4.63 billion. Green tax revenue rose 2.3 percent to MVR1.88 billion. Non-tax revenue from property rose 28.2 percent to MVR2.27 billion on higher resort rentals. Grants stood at MVR0.53 billion, but total non-tax revenue fell by 8.8 percent.
In terms of expenditure, the total expenditure of the government as on 29 October 2026 stood at MVR38.99 billion. This is an increase of 16.2 percent compared to the same period last year. Ongoing expenditure or recurrent expenditure increased by 16.9 percent to MVR33.68 billion, while capital expenditure increased by 12.0 percent to MVR5.30 billion.
Expenditure on salaries and allowances increased by 14.7 percent to MVR6.15 billion while administrative and operating expenses increased by MVR20.28 billion. Capital expenditure on infrastructure resources such as land and buildings increased by 10.4 percent to MVR4.63 billion. Expenditure on land and buildings increased by 35.4 percent while expenditure on bridges and ports increased by 20.1 percent.
Other important recurrent expenditure, including aid and subsidies, increased by 34.9 percent to MVR10.81 billion. Of this, MVR4.31 billion was spent on subsidies and MVR1.96 billion on Aasandha. MVR2.08 billion was released in grants to councils as well.
As of 29 October 2026, the total balance of the state budget stood at a deficit of MVR4.47 billion. The primary balance stood at a deficit of MVR0.33 billion.
