State Revenue moves closer to MVR 20 billion

Ministry of Finance has revealed that the state revenue is moving closer to MVR 20 billion.

Statistics revealed by the Ministry show that the state had earned MVR 19.3 billion by 15 September, 2022. This is MVR 5.9billion more than the MVR 13.4 billion earned as state revenue during the same period last year.

The Ministry's statistics show that income generated from tax currently sits at MVR 14.2 billion. During the same period last year, the state earned MVR 9.7 billion as tax revenue.

As such, the state received MVR 2.1 billion as General Goods and Services Tax and MVR 4.7 billion as Tourism Goods and Services Tax, by September 15.

Statistics reveals that MVR 3.8 billion was generated as Business and Property Tax. This includes MVR two billion generated as Business Profit Tax, MVR 640.5 million as Withholding Tax, MVR 252.2 million as Individual Income Tax and MVR 904.2 million as Other Business and Property Taxes.

Finance Ministry's statistics goes on to show that the state has earned MVR 687.8 million as green tax so far this year.

Additionally, the state has earned MVR 94.9 million as royalties.

While the sate earned MVR 2.3 billion as Import Duties, statistics show that MVR 557 million was earned as Airport Service Charge.

The state received MVR 5 billion as Non-Tax Revenue, according to the Finance Ministry.

This includes MVR 561.6 million earned as airport development fee and MVR 7.3 million as residential permit.

The state also earned MVR 566.8 million as registration and license fees.

Moreover, MVR 1.1 billion was earned as rent from resorts and MVR 158 million was earned as land acquisition and conversion fee.

Statistics also shows that the state earned MVR 180.3 million as fines and penalties so far this year.

In addition to this, the state has also earned MVR 336.9 million as SOE dividend.

Statistics show that Maldivian state received MVR 12.9 million as capital receipts and MVR 257.7 million as Grants, so far this year.