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MVR 931 million collected as Business and Property Tax: Finance Ministry

Jaah Ziyad
22 February 2019, MVT 21:32
Maldives Inland Revenue Authority building in Male City. PHOTO: HUSSAIN WAHEED/MIHAARU
Jaah Ziyad
22 February 2019, MVT 21:32

Ministry of Finance's Weekly Fiscal Developments noted Business and Property Tax as the largest source of government revenue.

The report revealed that a total of MVR 931 million was collected as Business and Property Tax till February 16, 2019.

The Business and Property Tax constitutes of Business Profit Tax (BPT) and Withholding Tax. This makes up 33 percent of total government revenue. BPT adds up to 40 percent of the total revenue collected as taxes.

Since 2019, MVR 2.7 billion was collected in revenue, which includes MVR 2.3 billion acquired through taxes.

MVR 789 million was collected as Goods and Service Tax (GST), which represent the second largest source of state income.

In addition, MVR 395.3 million was obtained as Import Tax, while MVR 87.1 million was acquired under Green Tax. Additionally, MVR 71.2 million was earned through the Airport Service Charge.

A total of MVR 484 million was collected through means of income other than taxes.

The Parliament approved a record MVR 30.2 billion as the annual budget for 2019. Initially, the state budget proposed by Maldivian President Ibrahim Mohamed Solih rounded off at MVR 29.6 billion and the difference of MVR 600 million was attributed to changes within the budget committee.

According to research carried out by the committee, the state would receive MVR 300 million more in foreign aid and state revenue than the initially estimated figure of MVR 23 billion.

The state has currently acquired 11 percent of the estimated revenue for the fiscal year.

The 2019 State Budget supersedes the 2018 budget of MVR 27 billion as the largest passed in Maldivian history. It is also the first submitted during the term of President Ibrahim Mohamed Solih.

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