MVR 2 bln increase in tax revenue

Tax revenue collected thus far this year is MVR 2.3 billion more than the amount collected during the same period last year, statistics have shown.

The tourism industry has recovered significantly this year from the impacts of the COVID-19 pandemic, generating over MVR 9.5 billion in tax revenue thus far this year. Last year, the industry generated MVR 7.2 billion as tax revenue during the same period. Therefore, this year's tax revenue is an increase of MVR 2.3 billion compared to the previous year.

According to the figures released by the Finance Ministry on June 30, the total tax revenue for the year is estimated at MVR 15.3 billion.

This year's most significant contribution to tax revenue has been from Goods and Services Tax (GST). In this regard, MVR 5.5 billion has been collected as GST, with MVR 1.5 billion collected as general GST and MVR 3.9 billion collected as TGST.

Tax revenue from different tax sectors:

- GST : MVR 5.5 billion
- Business and Property Tax: MVR 1.7 billion
- Import duty: MVR 1.3 billion
- Business Profit Tax: MVR 705.8 million
- Withholding tax: MVR 438 million

The total revenue received by the state so far this year, including grants, has reached MVR 13 billion. So far, MVR 17.8 billion has been spent on expenditure.