Saturday 20th Jul 2024
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Ministry of Finance

Govt earns MVR 107 mln as revenue through fines and penalties

Fines and penalties have earned the state MVR 107 million.
Statistics published by Finance Ministry has shown that by 14th April, the state had earned MVR 107 million (US$ 6.93 million) from penalties and fines. This figure stood at MVR 46.9 million (US$ 3.04 million) for the same period last year.
In this year’s budget forecast, the state had estimated that they would earn MVR 62.4 million (US$ 4.04 million) from fines and penalties. This figure has been overachieved within the first four months of the year.
What is notable in penalties and fines is that the state constantly and consistently forgoes penalties and fines incurred by resort owners and large businesses. As such, there is over MVR 13 billion (over US$ 841 million), that is to be received as unpaid fines from tourism land rents. A change to the Inland Revenue codes, means that majority of this amount will not be paid. This generosity does not apply to individuals.