GST collection hits over MVR5.8b, tax revenue performances constant

Image Source: Avas Online

The Weekly Fiscal Development, from Maldives Ministry of Finance as of 03 October 2019 – the week 40 of the year – shows that the tax revenue’s cumulative collection (year-to-date basis) has reached MVR12,927.4 million.

The non-tax revenue collections, as of the review period has reached to a cumulative collection of MVR3,971.7 million.

The combined collection of Tourism Goods and Services Tax (TGST) and General Goods and Services Tax (GGST) – collectively termed as GST has already reached MVR5,873.2 million.

The TGST collection, cumulative as of the review period has reached MVR3,732.3 million making the tax revenue stream as the strongest contributor to Maldives state. Import Duty collection, which has reached MVR2,356.6 million has become the second strongest income generator to the state.

The Business Profit Tax (BPT) collection is currently at MVR2,147.1 million making it the third strongest, while the Business Property Tax of which BPT is a component as a collective collection of MVR3,307.9 million.

The collection from GGST has reached MVR2,140.9 million, while Withholding Tax collection is at MVR527.5 million and other business and property taxes have reached a cumulative collection of MVR633.3 million.

Green Tax collection has reached MVR654.3 million while Airport Service Charge has reached MVR552.7 million.

As of non-tax revenue, rent from resorts is the strongest contributor with a cumulative collection of MVR1,227.0 million. Airport Development Fee collections have reached MVR553.8 million while the dividends from State-Owned Enterprises (SOEs) have reached MVR545.2 million.

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