The latest weekly fiscal released by the Ministry of Finance and Public Enterprises Developments stated that the main reason for the increase in government revenue was a 9.8 percent increase in tax revenue.
Corporate Maldives
The total revenue and grants received by the state stood at MVR33.36 billion as of October 22, 2026, up 5.6 per cent from MVR31.60 billion in the same period in 2025, according to the latest weekly fiscal released by the Ministry of Finance and Public Enterprises Developments report.
The main reason for the increase in government revenue was a 9.8 percent increase in tax revenue. Tax revenue stood at MVR23.44 billion in the same period last year, up from MVR25.73 billion this year.
The Goods and Services Tax (TGST) on tourism is one of the largest contributors to the state’s revenue. TGST revenue increased by 5.7 per cent to MVR8.87 billion. In addition, green tax revenue increased by 2.6 per cent to MVR1.78 billion.
As for other revenue sources, business and property taxes increased by 21.8 per cent to MVR5.97 billion. Import duty increased by 11.0 per cent to MVR2.82 billion while General Goods and Services Tax (GST) collection stood at MVR4.46 billion. Non-tax revenue also saw an increase in resort rentals and airport development fees. However, overall non-tax revenue fell 9.5 percent.
As of October 22, 2026, the total expenditure stood at MVR37.21 billion. This is an increase of 17.0 percent over the same period last year. Operating expenditure or recurrent expenditure rose to MVR32.00 billion while capital expenditure on development projects increased to MVR5.21 billion.
Grants to councils increased by 15.9 percent to MVR2.08 billion during the period. Among capital expenditures, expenditure on land reclamation and land management projects increased by 89.7 percent. Expenditure on buildings and land also increased to MVR1.69 billion.
On additional expenditure, expenditure on subsidies increased by 58.6 percent to MVR4.31 billion due to the increase in fuel prices due to the unrest in the Middle East. Expenditure on salaries and pensions increased to MVR12.05 billion.
As of 22 October 2026, the government recorded a primary surplus of MVR0.27 billion but the overall fiscal balance stood at a deficit of MVR3.85 billion.
