Tax revenues hit MVR15.1b, GST collections over MVR7.0b

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The cumulative total of tax revenues has reached MVR15,083.4 million (MVR15.1 billion) as of 28 November 2019.

According to Weekly Fiscal Development from Ministry of Finance, the cumulative total of non-tax revenues by review week has reached MVR5,608.7 million.

As for tax revenue streams, the strongest collection in annual terms has been generated from Goods and Services Tax (GST).

Based on latest figures, the total GST collection has reached MVR7,043.7 million in annual terms.

Moreover, Tourism Goods and Services Tax (TGST) remains the single strongest revenue stream to Maldives government.

As per stats, the total TGST collection has hit MVR4,438.5 million in annual terms.

The second strongest tax source in annual terms is Import Duty, with a cumulative total of MVR2,963.9 million.

General Goods and Services Tax (GGST), remains third strongest with a year-to-date collection of MVR2,605.2 million.

Meanwhile Business and Profit Tax (BPT), has made a year-to-date collection of MVR2,168.3 million.

As of 28 November, the Green Tax collection has reached MVR772.2 million while Airport Service Charge has reached an annual collection of MVR663.2 million.

On the other hand, from non-tax revenue streams the strongest revenue stream is the dividends collected from State-Owned Enterprises (SOEs).

According to latest stats, the dividends collected from SOEs has reached MVR1,584.0 million.

Moreover, the cumulative total of Fees and Charges to state has reached MVR1,486.4 million – making the revenue stream as the second strongest in non-tax category.

Rents collected from resorts have hit MVR1,292.2 million.

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