Tax revenue hit MVR7.6bn, Grants at MVR571.2mn

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Tourism remains a key component posting the highest receipts to Maldives state

The cumulative total of state revenue reaches MVR9,947.9 million (MVR9.9 billion) as of 17 September 2020.

Moreover, Ministry of Finance confirm the cumulative total of tax revenue at MVR7,751.2 million (MVR7.6 billion).

On the other hand the cumulative total of non-tax revenue hit MVR1,639.3 million (MVR1.6 billion).

According to the latest statistics the cumulative total on GST stood at MVR3,172.9 million (MVR3.2 billion).

Under the component, TGST collection has reached MVR1,748.9 million (MVR1.7 billion).

Furthermore, the cumulative total of GGST hit MVR1,424.0 million (MVR1.4 billion).

As of 17 September 2020 the Business and Property Tax collection stood at MVR2,994.4 million.

Meanwhile, the Business Profit Tax (BPT) under the component has hit MVR1,902.3 million (MVR1.9 billion). While Withholding Tax collection has hit MVR392.4 million.

Import Duty collection meanwhile has hit MVR983.3 million on a cumulative basis.

According to Ministry of Finance, the strongest non-tax revenue component remains Rent from Resorts under Property Income.

Moreover, cumulative total of Rent from Resorts as of 17 September 2020 stood at MVR386.0 million.

Collectively, fees and charges remain the strongest non-tax revenue component.

However, broken down to various tax components then its strongest variable, Airport Development Fee has only hit MVR255.7 million.

As of review period the Maldives state received MVR571.2 million in foreign grants.

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