Revenue collection at MVR 30 bln at end of November

The Maldives has received MVR 30 billion in revenue as of the end of November.

According to the Finance Ministry's Weekly Fiscal Developments Report, the government received MVR 22.1 billion in tax revenue and MVR 7.5 billion in non-tax revenue as of the end of November. A further MVR 498 million was received as free aid.

Of the total expected revenue for the year, which is projected to be MVR 32.4 billion, 93.9 percent has already been received by the end of November. The largest revenue source is GST, with MVR 12 billion collected as GST thus far this year. Business property tax collection stood at MVR 5 billion while import duty collection was at MVR 3 billion.

The government has witnessed an 18.5 percent increase in revenue collection this year compared to the same period of the previous year. During the corresponding period last year, the government received MVR 25.7 billion.