State receives estimated amount of tax revenue

The state has received the estimated amount of tax revenue for this year.

According to the weekly figures released by the Finance Ministry, the government was expected to receive MVR 15.3 billion from taxes this year. As of October 20, tax revenue surpassed the estimate and stood at MVR 15.5 billion.

The government is expected to receive MVR 24.7 billion in revenue and grants this year. As of October 20, the government received MVR 21.6 billion in revenue and grants. While the government expects to receive MVR 6.4 billion as non-tax revenue and MVR 2.9 billion as grants this year, non-tax revenue and grant aid currently stand at MVR 5.9 billion and MVR 308.1 million respectively.

The largest tax revenue came from the tax on the price of goods and services. The state has collected MVR 7.5 billion as General GST and tourism TGST thus far this year. Business and property tax revenue stands at MVR 3.9 billion while import duty stands at MVR 2.4 billion.