Revenue from import duty up last Dec

Cargo clearing at Maldives Ports Ltd (MPL). FILE PHOTO: NISHAN ALI/MIHAARU

Cargo clearing at Maldives Ports Ltd (MPL). FILE PHOTO: NISHAN ALI/MIHAARU

Import duty spiked last December with increases in both import and export, according to the official statistics of Maldives Customs Services.

Goods worth MVR 3.5 billion had been imported to the Maldives last month, which is an increase of 32 percent from the previous year’s MVR 2.6 billion.

The Maldives had imported the highest amount of goods from United Arab Emirates (UAE) at 17 percent, followed by China and Singapore at 12 percent each.

Statistics show that revenue from import duty and other fees last month had also increased by nine percent compared to December 2015. The revenue from import duty was MVR 259 million while in December 2015 the revenue stood at MVR 237 million.

Amount of goods exported from the Maldives had also spiked by an impressive 56 percent in December 2016 with a value of MVR 251.2 million. The previous year, the nation had exported MVR 161 million worth of goods.

The bulk of the Maldives’ export goods comprise of fish products and the majority (46 percent) was exported to Thailand.

The 2016 State Budget of MVR 27.5 billion had estimated a revenue of MVR 22.8 billion including free aid. However, the statistics of Maldives Inland Revenue Authority (MIRA) show that the total revenue at the end of last year was MVR 14.5 billion.

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