State revenue reaches MVR 6 billion

Ministry of Finance has revealed that the state revenue has exceeded MVR 6 billion so far in 2023.

Statistics released by the Finance Ministry show that the state revenue was at MVR 6.2 billion by 02 March 2023. The state revenue at 02 March, 2022 was MVR 4.9 billion.

The Ministry's statistics show that income generated from tax currently sits at MVR 5.3 billion. During the same period last year, the state earned MVR 3.9 billion as tax revenue.

As such, the state received MVR 750.9 million as General Goods and Services Tax and MVR 2.1 billion as Tourism Goods and Services Tax, by 02 March.

Statistics reveal that MVR 1.5 billion was generated as Business and Property Tax. This includes MVR 768.6 million generated as Corporate Income Tax, MVR 229.9 million as Withholding Tax and MVR 70.8 million generated as Individual Income Tax.

Finance Ministry's statistics goes on to show that the state has earned MVR 199 million as green tax during this period. During the same period last year, the state earned MVR 193.9 million as green tax.

Statistics show that MVR 168.6 million was earned as Airport Service Charge.

The state received MVR 856.9 million as Non-Tax Revenue, according to the Finance Ministry. During the same period last year, the Non-Tax Revenue was at MVR 956.3 million.

This includes MVR 174.1 million earned as airport development fee, MVR 2.4 million as Residential Permit, MVR 131.2 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 show that MVR 20.3 million was earned as Fines and Penalties so far this year.

Finance Ministry's statistics show that the state earned MVR 1.4 million as Capital Receipts and MVR 9.3 million as grants so far this year.