According to the Finance Ministry, total revenue as of February 6 stood at MVR 3.7 billion, a decrease of MVR 874 million from MVR 4.6 billion recorded during the same period last year.
Government revenue has dropped by 19 percent compared to the same period last year, with the biggest decline seen in import duties.ent
According to the Finance Ministry, total revenue as of February 6 stood at MVR 3.7 billion, a decrease of MVR 874 million from MVR 4.6 billion recorded during the same period last year.
Tax revenue saw a significant drop, totaling MVR 3.3 billion this year, which is MVR 589 million less than last year’s MVR 3.7 billion. The sharpest decline was in import duties, which plummeted by 64 percent. Import duty collections amounted to MVR 138 million so far this year, down from MVR 384 million last year, a decline of MVR 247 million. The decline follows the suspension of duties on most Chinese imports from January.
Business profit tax also dropped by 23 percent, falling from MVR 1.7 billion last year to MVR 1.3 billion this year.
Non-tax revenue also fell by 42 percent, with declines in resort rent, foreign quota fees, and airport development fees.
Meanwhile, total government expenditure has also declined by 29 percent compared to the same period last year, with expenditure recorded at MVR 3.2 billion so far this year.
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