Maldives Inland Revenue Authority’s (MIRA) statistics by end of October reveals the total revenue figure of the state in year-to-date terms; which at the time of this report is at MVR 33.36 billion, which includes a 9.8% increment of tax revenues.
Finance Ministry reports a revenue of MVR 31.60 billion in annual terms by the corresponding period last year, making this year’s year-to-date figure a 5.6% increment. With tourism receipts still remaining as the major driving force for state revenue; the ministry reports a total of MVR 25.73 billion in tax receipts by October’s end, which is a moderate increase from last year’s MVR 23.44 billion by the corresponding window.
TGST is the highest contributor towards revenue from tax sources, with a collection of MVR 8.87 billion; a 5.7% increase. Green Tax collections rose to 2.6% with a collection of MVR 1.78 billion, and GST rose to MVR 4.46 billion. Business profit tax increased to MVR 5.97 billion and import duty collection rose to MVR 2.82 billion by the review date.
The revenue gain is offset by the expenditure increment. State expenditure during the period rose 17.0%, which is MVR 37.21 billion. State finances also indicate operational expenditure, or recurrent costs totaled MVR 32.0 billion. Capital expenditure hit MVR 5.21 billion.