Tax revenues hit MVR2.2b, non tax revenues reach MVR381m

The cumulative total of tax revenues has reached MVR2,194.5 million (MVR2.2 billion) as of 13 February 2020 according to Ministry of Finance.

According to the ministry’s Weekly Fiscal Development, the non-tax has reached a cumulative total of MVR381.0 million as of the review week.

Business and Property Tax, under tax revenue sources have remained as the strongest income contributor to the state so far in 2020.

Statistics reveal the mentioned tax component has accumulated a total of MVR968.4 million as of 13 February.

Under this component, Business Profit Tax (BPT) has reached a cumulative total of MVR867.5 million.

As of the review week, the Withholding Tax under the Business and Property Tax component has accumulated MVR100.2 million.

The second strongest tax revenue contributor to state remains Goods and Services Tax (GST), with a cumulative total of MVR900.3 million so far.

Tourism Goods and Services Tax (TGST) has reached a cumulative total of MVR575.1 million as of the review week, and General Goods and Services Tax (GGST) has made a cumulative collection of MVR325.2 million.

Import Duties have reached MVR110.5 million, while Green Tax collection has reached MVR96.8 million.

In non-tax revenue components, fees and charges remain as the major income generator with a cumulative collection of MVR226.7 million.

Meanwhile, rent from resorts collected have earned an income of MVR42.5 million to the Maldives state.