Tax authority collects MVR986 million in November

The Maldives Inland Revenue Authority collected MVR985.8 million (US$64 million) during November, up 5.3 percent from the same period last year.

Receipts from the goods and services tax, green tax and tourism land rent exceeded forecasts. GST accounted for 65 percent of revenue during November, followed by green tax (6.8 percent), business profit tax (5.8 percent) and airport development fee (5.4 percent).

Reflecting the growth of tourist arrivals during the year, MVR4.3 billion has been collected as T-GST from January to November, up from MVR3.7 billion in 2017.

Despite a 0.5 percent dip in October, a record 1.2 million tourists visited the Maldives during the first 10 months of the year, an annual increase of 7.3 percent.

The Maldives Customs Service meanwhile collected MVR261 million as import duties and other fees last month, an increase of 2.23 percent compared to November 2017.

“Approximately MVR3.1 billion worth of goods were imported during November 2017, whereas this year the figure was recorded at MVR3.3 billion. Among the top importing countries, United Arab Emirates recorded the highest with 17% and China at the second with 14%,” according to customs.

The value of exports grew from MVR380 million last year to MVR406.8 million during November this year.

“The largest quantity of the exports was to Thailand which is 48.2% of the total exports for the month of November and Germany coming at second with 10.3% of the total exports.”