45 percent of tax revenue received in four months

Over the past four months, MVR 13 billion has been received in taxes.

Statistics shared by the Finance Ministry show that the tax revenue over the past four months is equivalent to 45 percent of expected tax revenue for the year. This year, MVR 29 billion is estimated as tax revenue. Tax revenue has seen an increase of five percent compared to last year, which is an increase of about MVR 600 million.

Green Tax was increased from January onwards. From July, TGST will also be increased by one percent. This will see a further increase in tax revenue.

As of now, MVR 958 million has been received as Green Tax. It is estimated that this year will see MVR 2 billion received as Green Tax, including the MVR 964 million that will come with the Green Tax hike.

Finance Ministry estimates that revenue will increase to MVR 202 million when TGST is increased in July. As of now, MVR 5.5 billion has been received as TGST. TGST is the highest earning tax.

To date, MVR 2.1 billion has been received as Business and Property Tax. This is 50 percent of the estimated revenue for the year. MVR 1.2 billion has been received as Import Duty, and MVR 766 million as Departure Tax.