TGST, Import Duty maintain status as strongest revenue generators

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The latest in Weekly Fiscal Development confirms both TGST and Import Duty as strongest revenue contributors to state.

The weekly stats from Ministry of Finance confirm the current cumulative total of tax revenue has reached MVR14,180.4 million.

As per figures, cumulative Tourism Goods and Services Tax (TGST) collection as of 14 November has reached MVR4,072.0 million.

On the other hand, cumulative total collection of Import Duties has reached MVR2,784.7 million.

General Goods and Services Tax (GGST) has maintained the third spot in revenue contribution in annual terms.

As of review week the cumulative total in GGST has reached MVR2,415.8 million. Meanwhile, Business Profit Tax collection has reached VMR2,156.0 million.

With the latest in state revenue figures, GST collection in total (both TGST and GGST combined) has reached MVR6,487.9 million.

Similarly, Business and Property Tax which combines BPT, Withholding Tax and other business and property taxes have reached a combined total of MVR3,374.3 million.

Based on the figures, Withholding Tax collection has reached MVR579.0 million.

As of review week, Green Tax total has reached MVR716.3 million whereas Airport Service Charge has reached MVR604.8 million.

Looking into non-tax revenues, Property Income category shows strongest growth and collection.

The cumulative total under property income has reached MVR1,454.5 million, which includes rents from resorts.

In exclusive terms, rents from resorts collected has reached MVR1,288.0 million.

Meanwhile state has collected a total of MVR1,239.4 million in various fees and charges. Airport Development Fee falls under this category.

According to stats, the cumulative total of Airport Development Fee has reached MVR606.7 million.

In addition to this, dividends from State-Owned Enterprises (SOEs) has reached MVR1,557.3 million.

Interestingly, the collected total of SOE dividends has exceeded beyond the projected figure of MVR874.0 million.

Moreover, grants to Maldives state as of 14 November has reached MVR1,049.8 million.

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