The state’s top revenue source, Goods and Services Tax (GST) has reached MVR 9 billion as of December 22, 2022, according to the Ministry of Finance.
From the total GST collected, the government earned MVR 6.1 billion in Tourism Goods and Services Tax (TGST) and MVR 2.95 billion in General Goods and Services Tax (GGST).
The government collected a total of MVR 4.2 billion in Business and Property Tax by the review date.
From the tax earnings, the government collected MVR 2.1 billion in Business Profit Tax (BPT), MVR 883.8 million in Withholding Tax, and MVR 314.3 million in Individual Income Tax. Additionally, the state collected MVR 904.9 million in other business and property taxes.
Additionally, the state earned MVR 3.3 billion in Import Duties.
Other major tax revenue categories include Green Tax, which had a cumulative total of MVR 922.2 million by the review date, and Airport Service Charge, with an annual total of MVR 789.8 million.
From non-tax earnings to the government, Fees and Charges generated the highest revenue with a cumulative total of MVR 3.1 billion. Under Fees and Charges, the state collected MVR 807.6 million in Airport Development Fee.
The state collected the second-highest earnings from Property Income which was recorded at MVR 2.0 billion. From Property Income, the government collected MVR 1.7 billion as rent from resorts.
Meanwhile, earnings to the state from the dividends of State-Owned Enterprises (SOEs) reached MVR 642.9 million as of December 22.
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