Statistics from the Finance Ministry show that the state has not received even 50 percent of the projected revenue from import duty for 2025, with just two months left in this year.  
The state budget projected MVR 4.6 billion in import duty revenue this year.
However, based on the Finance Ministry’s state revenue and expenditure statistics released on October 16th, the government had collected only MVR 2.4 billion in import revenue — just 47 percent of the projected figure. With only two months remaining in the year, import duty revenue had yet to reach even half of the expected total.
This marks an MVR 238 million decrease compared to last year.
Notably, import duty revenue has remained concerningly low since the beginning of this year. When questioned by a journalist during a press conference regarding the matter, Economic Minister Mohamed Saeed failed to provide a reason, citing he “does not know” and needs to review the numbers.
However, the Minister assured that the drop in import duty revenue is not correlated to the free trade agreement executed with China.
Some lawmakers have linked the drop in import duty revenue to the hike on the duty levied on cigarettes. The rise in the prices of cigarettes to MVR 240 per box has created a ‘black market’ where smuggled cigarettes are sold at lower prices. 
While concerns exist regarding the drop in revenue due to import duty, there are also concerns surrounding stalled projects. Only MVR 4 billion has been spent on projects so far this year, down from MVR 5.6 billion last year. It also accounts for 32 percent of the budgeted amount.