The latest of the weekly financial development published by Maldives Ministry of Finance has revealed the state revenue and grants cumulative as of 2 May 2019 reached MVR7.9 billion (MVR7,955.9 million).
Revenue composition looked pretty much the same in the 18th week of 2019 as that of the 17th week, with 76% of the total revenue earned through tax revenue sources and the remaining 24% from non-tax revenue sources.
The overall balance for the cumulative period is a surplus of MVR418.3 million since the revenue generated was comparatively higher than the state expenditure. The net issuance for the week, from 28 April to 2 May was at MVR37.4 million.
Meanwhile during the 18th week, government securities valued at MVR878.2 million improved during the week while MVR915.6 million was issued.
The most significant receipts to state revenue was received from tax revenues such as Tourism Goods and Services Tax (TGST), BPT and Import Duty.
The collective GST – with both TGST and General Goods and Services Tax (GST) inclusive – reached MVR3,122.1 million. TGST earned as of the 18th week reached MVR2,119.9 million.
Business property tax collected as of 2 May 2019, reached MVR1,180.7 million of which MVR894.5 million was collected as business profit tax and MVR278.3 million as withholding tax with the remaining MVR7.9 million collected as other business and property taxes.
Green Tax collections as of 2 May has reached MVR320.4 million while the revenue collected from airport service charge crossed to MVR257.0 million. Remittance tax collections had reached MVR34.9 million while state royalties were at MVR37.8 million.
As for non-tax revenue sources, fees and charges which include airport development fee, resident permit along with other fees and charges contributed with the highest earning figure at MVR573.3 million.
Property income revenue had reached MVR525.9 million of which MVR459.7 million was collected as rent from resorts while another MVR3.8 million was collected as land acquisition and conversion fee.
State-owned enterprises’ dividends showed no significant increase compared to the previous week and was at MVR20.3 million. The capital receipts were valued at MVR6.8 million.
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