NATIONAL REVENUE GROWS BY 24 PERCENT
The fiscal year 2017-18 saw significant growth in national revenue amounting to Nu 36.87bn. This is a growth of 24% compared to the fiscal year 2016-2017.
According to the provisional revenue report 2017-18, tax revenue increased to Nu 27.10bn, an increase by 25% from 2016-17, and is attributed to increased royalties from hydropower, excise duty refund and higher collection from CIT, PIT, customs duty and sales tax.
Meanwhile, non-tax revenue, comprising mainly dividends, royalties and administrative fee, constituted Nu 9.76bn, an increase of 22%, and has been mainly on account of revaluation reserve fund and surplus transfers from RMA.
Tax revenue contributed 73.5% to the total revenue, while non-tax revenue contributed 26.5%. The corporate income tax collected in the fiscal year also reportedly improved to Nu 9,03bn from Nu 8.17bn in 2016-17 fiscal, business income tax to Nu 1.49bn from Nu 1.27bn, and personal income tax to Nu 1.34bn from Nu 957mn in the same period. Tax revenue collection is attributed to enhanced tax administration with the launch of RAMIS.