Malé, Maldives — Finance Ministry of Maldives has revealed that the national income for the year 2020 is currently at MVR 11 billion.
The statistics revealed by the Finance Ministry showed that 77% of the income recieved to the state was generated from texation. This is approximate MVR 8.4 billion of the national income. The numbers further revealed that the state has also recieved MVR 2.1 billion as tax revenue this year.
The remaining 23% of the income was generated from sources other than taxation. As such, the state received about MVR 107 million as different forms of fines.
While the state has generation MVR 11 billion as income, MVR 20 Billion has been spent by the government for various purposes till date. The funds were mainly utilized as salaries of state employees.
Up to date, the country has spent approximately MVR 7.6 billion as allowance or fee and MVR 793.5 million in paying the loans that were taken by the state.
A recent National Debt Report made by the parliament earlier this October, showed that the national debt of Maldives had reach up to MVR 172 billion.