State revenue exceeds MVR four billion

Ministry of Finance has revealed that the state revenue has exceeded MVR four billion so far in 2023.

Statistics released by the Finance Ministry shows that the state revenue was at MVR 4.2 billion by 09 February 2023. The state revenue at 09 February, 2022 was MVR 3.1 billion.

The Ministry's statistics show that income generated from tax currently sits at MVR 3.7 billion. During the same period last year, the state earned MVR 2.5 billion as tax revenue.

As such, the state received MVR 431.8 million as General Goods and Services Tax and MVR 1.3 billion as Tourism Goods and Services Tax, by 09 February.

Statistics reveal that MVR 1.4 billion was generated as Business and Property Tax. This includes MVR 780.5 million generated as Corporate Income Tax, MVR 143 million as Withholding Tax and MVR 55.9 million generated as Individual Income Tax.

Finance Ministry's statistics goes on to show that the state has earned MVR 104.9 million as green tax during this period. During the same period last year, the state earned MVR 104 million as green tax.

Statistics show that MVR 89.4 million was earned as Airport Service Charge.

The state received MVR 569 million as Non-Tax Revenue, according to the Finance Ministry. During the same period last year, the Non-Tax Revenue was at MVR 703.1 million.

This includes MVR 92.5 million earned as airport development fee, MVR 1.8 million as Residential Permit, MVR 88.8 million as Registration and Licence Fees, and MVR 98.7 million as rent from resorts.

The state has also earned MVR 700,000 as Land Acquisition and Conversion Fee.

Statistics also shows that MVR 12.3 million was earned as Fines and Penalties so far this year.

Finance Ministry's statistics shows that the state earned MVR 1.2 million as Capital Receipts and MVR 5.2 million as grants so far this year.