Tax revenues reach MVR5.4b, non-tax at MVR1.5b

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The cumulative total of tax revenues as of 16 July 2020 reaches MVR5,367.9 million (MVR5.4 billion).

As such, Ministry of Finance in their Weekly Fiscal Development reveal non-tax cumulative total at MVR1,467.6 million (MVR1.5 billion).

Earlier, Maldives entered an economic regression following the Covid-19 pandemic hitting the island nation.

Moreover the country’s strongest economic component; tourism industry came to an unprecedented halt.

International carriers subsequently made announcement of temporarily discontinuing flights to Maldives.

According to several industry experts, the island nation will face a noticeable slow-down in the country’s revenue.

This is evident from the Goods and Service Tax (GST) collection as of review period.

As per, the Ministry of Finance cumulative total of GST hit MVR2,627.6 million (MVR2.6 billion).

However, in the same period of 2019 the cumulative total had hit MVR4,439.4 millino (MVR4.4 billion) – almost ahead by MVR2 billion.

Cumulative total of General Goods and Services Tax (GGST) reached MVR961.4 million.

On the other hand, Tourism Goods and Services Tax (TGST) cumulative total hit MVR1,666.2 millio (MVR1.7 billion).

Green Tax cumulative collection was observed at MVR284.8 million while Import Duty collection has reached MVR907.4 million.

Moreover, cumulative total of Business Profit Tax (BPT) has hit MVR947.9 million.

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