State revenue has increased by MVR 2 billion compared to the same period last year.
According to the latest weekly fiscal development report published by the finance ministry, the state has earned a revenue of MVR 12.7 billion to date. The state collected MVR 10.4 billion as revenue in the same period last year.
The finance ministry's statistics show that the highest increase was recorded in the collection of the domestic sector goods and services tax (GST) and tourism sector goods and services tax (T-GST).
GST and T-GST rates were hiked in January. With effect on January 1, GST was increased from six to eight percent and T-GST was increased from 12 to 16 percent through amendments to the tax law.
Income from both taxes has increased by MVR 1.3 billion so far this year, including increments of MVR 465.1 million from GST and MVR 844 million from T-GST.
The other biggest increases came from business and property taxes with an additional MVR 673.8 million.
Corporate income tax receipts were MVR 478.8 million higher than last year. Green tax and airport service charge collection were also up from last year.
But government spending was MVR 3.5 billion higher than in the same period last year, the finance ministry statistics showed.
