First GST earnings at Rf43 million

The Maldives Inland Revenue Authority (MIRA) has released figures showing that the first round of income received as Goods and Services Tax (GST) reached Rf43 million (US$3 million), while the state earned a total of Rf312.8 million in November.

This is a five percent increase compared to October, during which a total of Rf298 million was collected in taxes, rent and fees.

Tourism Goods and Services Tax (T-GST) accounted for the largest income received (Rf81.8 million) while the Tourism Tax came in second with Rf73 million.

Total state income stands at Rf4 billion for the year so far (US$259 million), according to MIRA.

Presenting the 2012 budget to parliament in November, Finance Minister Ahmed Inaz predicted that altogether, government income was expected to reach a record Rf9 billion (US$583 million) this year.

Total expenditure out of the 2012 state budget is estimated to be Rf14.6 billion (US$946.8 million), an 18 percent increase from 2011. However the Inaz highlighted that recurrent expenditure was in line with income for the first time in many years, and the deficit was expected to drop to single figures.