Tax revenues hit MVR1.4b, GST collections reach MVR725.1m

The cumulative total of tax revenues have reached MVR1,427.9 million according to Ministry of Finance.

In their Weekly Fiscal Development, the ministry revealed the latest statistics which also confirmed the cumulative non-tax revenue has reached MVR180.7 million.

Meanwhile, the cumulative totals of both tax and non-tax revenues were comparatively lower in the fourth week of 2020 than the corresponding period in 2019.

The ministry’s statistics indicate the cumulative total of tax revenues at the same fiscal period in 2019 were observed at MVR1,817.3 million whereas the cumulative total of non-tax in the previous year’s same period was observed at MVR475.6 million.

Maldives state has collected MVR725.1 million in Goods and Services Tax (GST) and under this component, state collected MVR487.1 million in Tourism Goods and Services Tax (TGST) and MVR238.1 million in General Goods and Services Tax (GGST).

Furthermore, the Business and Property Tax collections have reached MVR541.1 million, under this MVR462.7 million was acquired in Business Profit Tax (BPT), MVR77.6 million in Withholding Tax and the remaining MVR0.8 million in other business and property taxes.

Green Tax collection has reached MVR81.1 million as per the statistics up to the fourth week of the year.

Moreover, state has collected MVR98.0 million in various fees and charges – which is the major non-tax revenue component.