The Ministry of Finance warned that MVR 7.7 billion in unpaid taxes and resort land rent arrears as of June 2023 could force the state to take on additional debt if compliance keeps declining. About two-thirds of the outstanding amount is resort rents, and the ministry said bills are being drafted to amend the Tax Administration Act of 2010.
One outlet so far Only Maldives Republic has reported this among the sources we monitor. A gap in what we monitor, not proof that others did not report it.
If taxpayer compliance with tax laws and regulations continue to decline, the likelihood of recovering revenue within the year will decrease and the need to finance expenditure with debt will likely increase
Nothing to compare yet. If another monitored source reports it, its headline appears beside this one.
According to the 2024 budget, the total outstanding, as of June this year, stood at MVR 7.7 billion, which is an increase of 28 percent (MVR 1.7 billion) over the previous year.
Word for word from the report in Maldives Republic. Open the report
According to the 2024 budget, the total outstanding, as of June this year, stood at MVR 7.7 billion, which is an increase of 28 percent (MVR 1.7 billion) over the previous year.
Word for word from the report in Maldives Republic. Open the report
Unreceived revenue to the state in terms of taxes and other levies include MVR 536.8 million in income tax, which is up 106 percent from last year
Word for word from the report in Maldives Republic. Open the report
MVR 536.8 million in income tax, which is up 106 percent from last year
Word for word from the report in Maldives Republic. Open the report
MVR 972.9 million in tourism goods and services tax (TGST), up 71 percent
Word for word from the report in Maldives Republic. Open the report
MVR 1.6 billion in general sector goods and service Tax (GGST), up 48 percent
Word for word from the report in Maldives Republic. Open the report
MVR 1.6 billion in general sector goods and service Tax (GGST), up 48 percent
Word for word from the report in Maldives Republic. Open the report
MVR 920 million in other taxes, up three percent
Word for word from the report in Maldives Republic. Open the report
MVR 3.4 billion in resort rents, up 17 percent
Word for word from the report in Maldives Republic. Open the report
MVR 171 million in non-tax revenue, down 16 percent
Word for word from the report in Maldives Republic. Open the report
MVR 171 million in non-tax revenue, down 16 percent
Word for word from the report in Maldives Republic. Open the report