The amount of revenue collected as TGST has increased.
The Weekly Fiscal Development Report publicized by Finance Ministry shows MVR 575.1 million was collected as TGST during the sixth week of the current year. This is an increase compared to the MVR 526.3 million collected during the same period last year. The budget for the current year estimates a revenue of MVR 3 billion as TGST.
However, the report noted a decline in property income collected as rent from resorts. While MVR 54.7 million was collected during the same period last year, this year, the amount was at MVR 42.5 million. The budget for the year estimates a revenue of MVR 1.7 billion as resort rent.
The policy for collection of revenue as Land Acquisition Fee was amended by the government last year. It is estimated that MVR 297 million will be received as Land Acquisition Fee this year.
Currently 150 resorts are in operation in Maldives. However, the government anticipates a decline in tourism-related revenue as a result of the global coronavirus pandemic.
