Cumulative revenue in 2020 first week lower than 2019

Tourism Industry contributes strongly to the state revenue through various taxations

The cumulative total revenue of revenues and grants for the first fiscal week of 2020 was lower than the corresponding period of 2019.

According to the Weekly Fiscal Development from Ministry of Finance, the cumulative total reached MVR87.8 million for the first week of 2020.

However, in the same fiscally corresponding period of 2019 the cumulative total of revenues and grants were observed at MVR234.7million.

The cumulative total of tax revenues for the review week was observed at MVR54.2 million while in the same fiscally corresponding period the total was at MVR152.8 million.

Similarly, the cumulative total of non-tax revenues as of 09 January 2020 reached MVR32.8 million while in the fiscally corresponding period of 2019 the cumulative total was observed at MVR93.3 million.

While there were no collections made in Import Duties during the first week of 2020, a total of MVR81.2 million was generated on the same tax revenue stream in the corresponding period of 2019.

The cumulative total of Goods and Services Tax (GST) for the first fiscal week of the current year was observed at MVR38.7 million, while in the same fiscal period of last year the total on GST was observed at MVR37.7 million.

Revenue from Business and Property Tax, which includes Business Profit Tax (BPT), reached a mere MVR11.2 million as of 09 January 2020, while in the same fiscal period last year it was observed at MVR18.8 million.

Green Tax collection as of the review week reached a mere MVR4.2 million while in the same period last year the collection reached MVR7.5 million.

On major difference in 2020 with regards to revenue from tax sources include the abolishing or Remittance Tax completely with the passing of the new Personal Income Tax bill.

As such, no collections were observed for Remittance Tax in the first week of 2020, whereas in the same fiscal period last year it was at MVR1.6 million.

Moreover, the fees and charges, which is the primary non-tax source of income observed a below modest earning at just MVR8.3 million as of 09 January.

However in the same fiscal period in 2019, the collection to state from fees and charges were observed at MVR25.7 million.

 

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