State earns MVR 4 billion as tax revenue
State received MVR 489.4 million as General Goods and Services Tax
Ministry of Finance
Ministry of Finance has revealed that the state has earned MVR four billion as tax revenue so far in 2023.
Statistics released by the Finance Ministry shows that the state revenue was at MVR 4.8 billion by 23 February 2023. The state revenue at 23 February, 2022 was MVR 3.8 billion.
The Ministry's statistics show that income generated from tax currently sits at MVR four billion. During the same period last year, the state earned MVR three billion as tax revenue.
As such, the state received MVR 489.4 million as General Goods and Services Tax and MVR 1.4 billion as Tourism Goods and Services Tax, by 23 February.
Statistics reveal that MVR 1.5 billion was generated as Business and Property Tax. This includes MVR 772.8 million generated as Corporate Income Tax, MVR 219.7 million as Withholding Tax and MVR 69.3 million generated as Individual Income Tax.
Finance Ministry's statistics goes on to show that the state has earned MVR 109.7 million as green tax during this period. During the same period last year, the state earned MVR 129.4 million as green tax.
Statistics show that MVR 112.9 million was earned as Airport Service Charge.
The state received MVR 738.5 million as Non-Tax Revenue, according to the Finance Ministry. During the same period last year, the Non-Tax Revenue was at MVR 827.1 million.
This includes MVR 116.7 million earned as airport development fee, MVR 2.2 million as Residential Permit, MVR 109 million as Registration and License Fees, and MVR 101.3 million as rent from resorts.
The state has also earned MVR 700,000 as Land Acquisition and Conversion Fee.
Statistics also shows that MVR 16.2 million was earned as Fines and Penalties so far this year.
Finance Ministry's statistics shows that the state earned MVR 1.3 million as Capital Receipts and MVR 6.8 million as grants so far this year.
