The state has received the estimated amount of revenue for this year.
The government was expected to receive MVR 24.2 billion in revenue and grants this year.
According to the weekly figures released by the Finance Ministry, the government received MVR 24.7 billion in revenue and grants as of December 1. The government received a revenue of MVR 19.2 billion during the same period last year.
While tax revenue was expected to be MVR 15.3 billion this year, the state has received MVR 17.9 billion as tax revenue thus far this year. Non-tax revenue was expected to be MVR 6.4 billion, and the current non-tax revenue for the year has already surpassed the figure at MVR 6.7 billion.
Despite the increase in revenue, the grants received were lower than expected. While free aid amounting to MVR 2.9 billion was estimated for this year, the government has received only MVR 325.8 million thus far.
GST and TGST were the largest sources of tax revenue. The government received MVR 8.8 billion in GST and TGST. Import duties stood at MVR 3.1 billion, while business property taxes stood at MVR 2.1 billion.
Of the non-tax revenue, airport development fees stood at MVR 768.2 million, while registration and license fees stood at MVR 734.2 million.
