Maldives business and commodity tax revenue rises 21.8% to MVR 5.97 billion

Revenue from business and commodity taxes in the Maldives has increased by 21.8 percent, reaching MVR 5.97 billion, according to details released by the Ministry of Finance. As of the end of the 22nd of last month, the state received MVR 33.36 billion in revenue and grants this year, up from MVR 31.60 billion during the same period last year, representing a 5.6 percent increase. The Ministry attributed the main reason for the increase in state revenue to a 9.8 percent rise in tax revenue, which climbed from MVR 23.44 billion last year to MVR 25.73 billion this year. Goods and Services Tax (GST), the largest contributor to state revenue, increased by 5.7 percent to MVR 8.87 billion, while Green Tax revenue rose by 2.6 percent to MVR 1.78 billion. Corporate Income Tax accounted for the largest portion of business and commodity taxes, with MVR 3.03 billion collected. Import Duty increased by 11.0 percent to MVR 2.82 billion, and General Sales and Service Tax (GST) yielded MVR 4.46 billion. Total state expenditure reached MVR 37.21 billion, a 17.0 percent increase compared to the same period last year, with recurrent expenditure at MVR 32.00 billion and capital expenditure at MVR 5.21 billion.