The state's tax revenue has increased compared to last year while non-tax revenue has fallen, the latest weekly statistics published by the Finance Ministry have shown.
The Finance Ministry's latest “Weekly Fiscal Developments” report shows that the state collected MVR 15.4 billion as income and grant aid by June 6.
Tax revenue accounted for the majority of the state's income. A total of MVR 12.4 billion collected as taxes was MVR 1.1 million more than the same period last year.
Tax revenue from all sources increased apart from import-export taxes, which include import duties and royalties. Receipts from the tourism goods and services tax as well as business and property taxes were significantly higher than last year.
A total of MVR 2.7 billion collected as non-tax revenue by the latest report was MVR 966 million lower than the same period last year.
Receipts from most sources of non-tax revenue was the same or higher than last year, but figure in the other non-tax revenue category was significantly lower.
While MVR 853.6 million was collected in the category last year, the amount fell to MVR 149.5 million this year. This was a decline of 82 percent. The reason for such a large difference is not known as the sources of income in the other non-tax revenue category are unclear.
Despite the fall in non-tax revenue, total revenue increased by more than MVR 300 million with the hike in tax revenue.
