According to the proposed budget, the state is expected to receive 2.4 billion Rufiyaa as import duty. This is an increase of 4.7 percent compared to this year’s forecasts. The forecasted revenues for business profit tax is 2.4 billion Rufiyaa. BPT is expected to increase because the economy of Maldives is expected to grow in the following year which will lead to more profits in businesses.
The budget estimates 2.4 billion Rufiyaa as revenues from GST. That is an 8 percent increase compared to this year. According to the budget, GST calculations were made based on the growth rate of nominal GDP. Nominal GDP is expected to grow by 9.5 percent in 2017. As for TGST, the estimated amount is 4.3 billion Rufiyaa. This forecast was made after assuming that the tourist arrival rates will increase by 4 percent in 2017.
In addition, it is estimated that 1.7 billion Rufiyaa will be received as resort rents in 2017. The percentage of revenue received as rents will increase because new resorts will be opened next year. Non-tax revenues include profits from government owned corporations. It is estimated that government will receive 1.6 billion Rufiyaa as revenue with a change in dividend policy next year. This is a progress of 198.2 percent.
The government forecasts that 130 million Rufiyaa will be received as trust funds. This is an increase of 0.2 percent compared to this year’s forecast. In addition, as foreign aid the government is expected to receive 50 million Rufiyaa and 825 million rufiyaa will be received to conduct developmental projects. Foreign aid for projects are expected to increase because of the development work of Male-Hulhule bridge, Thilafushi incinerator project and Hulhumale’ national stadium project.
Expected state revenue for 2017 is 21.9 Billion Rufiyaa
