GST remains strongest revenue stream to state in 2020

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Much like previous years, revenue from Goods and Services Tax remains as the strongest contributor to state income.

As such, Ministry of Finance reports cumulative total of MVR4,249.4 million (MVR4.2 billion) in GST collection as of 31 December 2020.

Moreover, cumulative total of tax revenues stood at MVR10,684.7 million (MVR10.7 billion) as of review period.

On the other hand, cumulative total of non-tax revenue hit MVR3,154.1 million (MVR3.1 billion) as of December’s end.

While GST (inclusive of both GST components) remain as the strongest revenue churner, the breakdown reveals Tourism Goods and Services Tax (TGST) with a collection of MVR2,208.3 million (MVR2.2 billion).

General Goods and Services Tax (GGST) collection hit MVR2,041.2 million (MVR2.0 billion) as of December end.

Meanwhile, Business and Property Tax remains second strongest revenue stream to state.

The component’s collection stood at MVR3,652.0 million (MVR3.7 billion) inclusive of all tax components under it.

Furthermore, breakdown of Business and Property Tax reveal MVR2,130.5 million (MVR2.1 billion) in Business Profit Tax (BPT).

Additionally, Withholding Tax under the said component stood at MVR483.4 million.

Import duty collection as of 31 December stood at MVR2,056.5 million.

Moreover, Green Tax saw a collection of MVR349.5 million with Airport Service Charge collection at MVR279.3 million.

As for non-tax sources, Fees and Charges remain the strongest component under the category.

State collected MVR917.4 million in total from various fees and charges, inclusive of MVR281.8 million in Airport Development Fee.

Meanwhile, revenue from Property Income stood at MVR753.2 million, with MVR647.6 million of the total value coming from Rent from Resorts.

SOE dividends by end of 2020 stood at MVR448.1 million.

Fiscally, 2020 remained a challenging year in terms of revenue generation due to Covid-19 global pandemic’s perseverance.

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