The state’s revenue has declined compared to the same period last year, according to data released by the Finance Ministry on Thursday.
As of February 6, government revenue stood at MVR 3.36 billion, a drop from MVR 4.64 billion recorded during the same period in 2023. Tax revenue also saw a decline, falling 14.9 percent from MVR 3.95 billion last year to MVR 3.36 billion this year. This decrease was attributed to lower collections from import duty, business tax, property tax, and departure tax.
Import duty revenue fell sharply from MVR 385 million last year to MVR 138 million this year. Business and property tax collections dropped from MVR 1.72 billion to MVR 1.33 billion, while departure tax revenue saw a slight dip from MVR 116 million last year to MVR 107 million this year.
However, Goods and Services Tax (GST) revenue increased slightly, rising from MVR 1.61 billion last year to MVR 1.64 billion this year.
The decline in import duty revenue is believed to be linked to China’s decision to exempt several goods from import duties, impacting tax collections.
As of February 6, government revenue stood at MVR 3.36 billion, a drop from MVR 4.64 billion recorded during the same period in 2023. Tax revenue also saw a decline, falling 14.9 percent from MVR 3.95 billion last year to MVR 3.36 billion this year. This decrease was attributed to lower collections from import duty, business tax, property tax, and departure tax.
Import duty revenue fell sharply from MVR 385 million last year to MVR 138 million this year. Business and property tax collections dropped from MVR 1.72 billion to MVR 1.33 billion, while departure tax revenue saw a slight dip from MVR 116 million last year to MVR 107 million this year.
However, Goods and Services Tax (GST) revenue increased slightly, rising from MVR 1.61 billion last year to MVR 1.64 billion this year.
The decline in import duty revenue is believed to be linked to China’s decision to exempt several goods from import duties, impacting tax collections.
