Tax revenue increases 9.8% to MVR 25.73 billion, driven by higher TGST, green tax and business-tax collections

Business and property tax revenue rose 21.8 percent to MVR 5.97 billion, according to the Finance Ministry.

The ministry said the government received MVR 33.36 billion in revenue and grants this year as of October 22, an increase of 5.6 percent compared to MVR 31.60 billion recorded in the same period last year. The rise in state revenue was mainly driven by a 9.8 percent increase in tax revenue. Tax revenue stood at MVR 25.73 billion, up from MVR 23.44 billion in the same period last year.

Tourism Goods and Services Tax (TGST), the largest contributor to state revenue, rose 5.7 percent to MVR 8.87 billion. Green tax revenue increased 2.6 percent to MVR 1.78 billion.

Among other major revenue sources, business and property tax revenue increased 21.8 percent to MVR 5.97 billion, with corporate income tax contributing MVR 3.03 billion. Import duty rose 11.0 percent to MVR 2.82 billion, while General Goods and Services Tax (GGST) collection reached MVR 4.46 billion.

According to the Finance Ministry, total expenditure stood at MVR 37.21 billion, a 17.0 percent increase over the same period last year. Recurrent expenditure rose to MVR 32.00 billion, while capital expenditure on development projects increased to MVR 5.21 billion.