The Weekly Fiscal Developments released by the Ministry of Finance has revealed that a total of MVR 931 million was collected as Business and Property Tax till February 16, 2019.
The Business and Property Tax consists of Business Profit Tax (BPT) and Withholding Tax. This accounts for 33% of the total government revenue while the BPT, including taxes, amounts for up to 40% of the total revenue.
MVR2.7 billion was collected in government revenue since the beginning of 2019, which includes MVR 2.3 billion acquired through taxes.
The second largest source of state income for the Maldives is the Goods and Service Tax, with MVR789 million collected.
Furthermore, MVR395.3 million was obtained as Import Tax, while MVR87.1 million was acquired under Green Tax. Additionally, MVR71.2 million was earned through the Airport Service Charge.
A total of MVR484 million was collected through means other than taxes.
The 2019 State Budget exceeds the 2018 budget of MVR27 billion as the largest passed in Maldivian history. It is also the first submitted during the term of President Ibrahim Mohamed Solih.
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