Government earns MVR 145M in fine payments so far this year

The government has earned a total of MVR 145 million in fine payments at the conclusion of the first six months of this year.

Statistics by Finance Ministry show that the state earned an income of MVR 3.5 billion excluding tax revenue – of which MVR 145 million were received in fine payments. During the same period last year, the government earned MVR 112 million in fine payments – a much lower amount.

MVR 62 million was forecasted to be received as fine payments for the state in the course of this year. Therewith fine payments received within the first six months of this year have exceeded the forecast by more than double.

Meanwhile, the government earned over MVR 1 billion as rent for resorts. MVR 1.7 billion was forecasted to be received by the government throughout the course of this year as rent for resorts.

The government has earned MVR 969 million through different fees. Apart from this, MVR 345 million was received as dividends, profit and interests from state-owned companies. MVR 1 billion was forecasted to be received through different fees in the course of this year.

On Tuesday, the government announced special measures to decrease state expenditure and increase state revenue in order to improve the fiscal situation of Maldives.

Measures proposed to decrease expenditure include reforming subsidy, decreasing state-owned companies’ dependency on state budget, slowing down the commencement of additional projects and controlling operational costs.

Meanwhile, measures proposed to increase state revenue include raising GST from 6 percent to 8 percent and TGST from 12 percent to 16 percent.