GST hits MVR7.1b, tax revenues close in on budget projection

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The total tax revenue has reached MVR15,206.5 million in annual terms, closing in on the budgeted projection for 2019.

This was corroborated evidently through the latest in Weekly Fiscal Development from Ministry of Finance.

According to the figures, the state projection for total tax revenue by end of 2019 is MVR16,506.5 million.

Tax revenues continue to contribute the strongest to Maldivian state in terms of income.

Goods and Services Tax (GST) remains the strongest in terms of tax contributors, with a total of MVR7,126.3 million in annual terms.

GST combines both Tourism Goods and Services Tax (TGST) and General Goods and Services Tax (GGST) which are among strongest revenue churners to state.

TGST, remains the single strongest revenue churner to state with a total of MVR4,494.0 million in annual terms.

Based on total in annual terms, Import Duty is the second strongest with a cumulative total of MVR2,982.1 million.

GGST has been the third strongest income source for state in annual terms, with a cumulative total of MVR2,632.3 million.

All the figures are based as of 05 December 2019, the 49th week of the year.

Business Profit Tax (BPT) has reached MVR2,170.3 million in annual terms, whereas the projected total for the year is MVR2,172.1 million.

Green Tax has reached MVR785.7 million in annual terms, while Airport Service Charge has hit MVR666.7 million.

As for non tax revenues, dividends from State-Owned Enterprises (SOEs) have remain at MVR1,584.0 million making it the highest in non-tax revenue column in annual terms.

Rents from resorts have reached MVR1,305.8 million while it is expected to reached MVR1,855.8 million by end of 2019.

Fees and charges (which combines several state imposed fees and charges; including Airport Development Fee and other fees and charges) have reached MVR1,502.6 million in annual terms.

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