Maldives import duties emerge as largest state revenue source

The Maldives Ministry of Finance reported that import duties have become the largest source of revenue for the state. As of the 27th of last month, total state revenue and aid reached 27.9 billion Rufiyaa, representing a 6.9% increase compared to the same period last year.

Tax revenue specifically reached 21.7 billion Rufiyaa, a 9.2% increase over the previous year. Import duties contributed 2.2 billion Rufiyaa to this total, marking a 12.1% rise. Other growth areas include business and goods taxes, which rose by 19.7%, and corporate income tax, which saw a 6.1% increase.