MALÉ: Import Duty for this year increased by 14 percent and revenue currently amounts to MVR 1.8 billion, stated Maldives Customs Service.
According to official statistics, the revenue from Import Duty and other fees was MVR 1.8 billion by November this year, whereas the revenue last year was MVR 1.61 billion.
The statistics also showed that prices of export goods had an annual increase of 34 percent, with MVR 3.4 billion worth of goods exported this year compared to last year’s MVR 2.5 billion.
Meanwhile, the Cost, Insurance and Freight (CIF) of import goods this year had an annual increase of 0.4 percent. Goods worth MVR 28.9 billion had been imported by November this year, while the cost of imported goods in 2014 was MVR 28.8 billion.
Customs revealed that import expenses were significantly low for this year as global oil prices had drastically decreased this year, which makes up the bulk of import goods to the Maldives.
Customs’ statistics show that oil prices, which last year were MVR 14,700 per metric tonne, had decreased by 44 percent to MVR 8,300 this year.
Import expenses sans oil products had increased by 16 percent from last year November, statistics show.
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