Tax revenues post highest receipts as of 05 September


The Weekly Fiscal Development by Maldives Ministry of Finance as of 05 September, Week-36, indicates the cumulative total of tax revenues have reached MVR16,506.5 million.

According to the statistics by the ministry the total non-tax revenues cumulative as of the review period has reached MVR5,648.7 million.

Looking at the revenue generators, Goods and Services Tax (GST) shows the most significant receipts with a combined total of MVR8,038.4 million. The cumulative total of Tourism Goods and Services Tax (TGST) has reached MVR5,039.5 million making it the highest single source of revenue to the Maldivian state.

Import Duty is the second most significant revenue source for the state with a cumulative collection of MVR3,183.8 million while General Goods and Services Tax (GGST) collection has reached MVR2,998.9 million as of 05 September.

The Business Property Tax collections have reached MVR3,451.4 million; which is a combined total from Business Profit Tax, Withholding Tax and other business and property taxes.

The cumulative collection of Business Profit Tax (BPT) has reached MVR2,172.1 million, Withholding Tax has reached MVR674.0 million while other business and property taxes have reached a collection of MVR605.3 million.

Green Tax collections as of the review period has reached MVR892.7 million while Airport Service Charge collection has reached MVR705.6 million.

Looking at the non-tax revenue sources, the highest single source of income to Maldives state comes from dividends by rent from resorts which has a cumulative collection of MVR1,855.8 million as of the review week.

Dividends from State-Owned Enterprises (SOEs) have reached MVR874.0 million while Airport Development Fee has reached a collection of MVR705.6 million.