The State has received MVR 15 billion in tax earnings in the past seven months.
The State has received MVR 15 billion in tax earnings in the past seven months.
Statistics from Maldives Inland Revenue Authority (MIRA) how that this is a seven percent increase compared to tax earnings in the same period last year, when MVR 14 billion had been received.
The largest portion of the taxes were earned through GST, coming up to MVR 5.9 billion. This is MVR 400 million more than earnings in the first seven months of 2023. GST from the public was at MVR 2.8 billion rufiya, again an increase of MVR 300 million compared to last year.
The past seven months also brought in MVR 4.9 billion as Income Tax, which shows an increase of MVR 500 million from last year's numbers.
Although total tax earnings show an increase, business profit taxes within these seven months went down by 80 percent. This year, in seven months, MVR 17 million was received, showing a stark decline from last year's figure of MVR 88 million.
The highest earnings for the State besides tax revenue is from tourism land rent. The past seven months saw the State receive about a billion rufiya in tourism land rent, an MVR 100 million increase from last year's figures. MVR 670 million was received as Airport Development Fee.
As of now, this year's total State earnings have reached MVR 17.9 billion, which is approximately 13 percent higher than last year. This year's budget has projected earnings of MVR 33.5 billion.
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