Chapter 4 | Page 178 Table 2: Government Revenue and Grants, 2010-2014 (Maldives) (Millions of MVR : US$ 1= MVR 15.40) Total Revenue and Grants 973.7 633.3 475.9 757.2 Others 3,744.7 2,843.3 2,642.1 3,930.4 Resort lease rent 45.1 132.7 156.0 155.9 Net sales to public enterprises 229.9 34.9 313.2 1,401.3 355.0 1,881.0 482.4 2,376.4 Total non-tax 337.5 299.9 350.3 436.5 Others business profit tax Bank profit tax GST Import duty 750.8 665.3 2,586.5 243.0 804.7 1,553.6 1,369.0 1,005.7 861.6 2,154.7 1,575.9 1,538.4 812.3 2,977.9 1,717.0 1,478.0 Airport SC 4,893.0 6,880.1 8,872.8 10,436.3 TGST TOTAL 9,904.6 10,138.1 11,900.7 14,907.2 Capital Revenue Grants Non-Tax Revenue Tourism tax Year 2011 2012 2013 2014 Total Tax Tax Revenue 1,152.2 1,031.2 1,106.3 1,271.1 1,618.8 1,178.8 1,059.9 1,902.1 534.5 48.1 268.1 152.9 732.4 366.7 117.7 414.6 Source: Ministry of Finance and Treasury/ MMA (2015) As can be seen from Table 2, the largest component of tax revenue in 2014 was the TGST followed by business profit tax and import duties. Of the total tax revenue, TGST revenue made up 28.5 percent, a significant increase over previous years that largely reflects the increase in the rate of TGST from 6 percent in 2012 to 8 percent in 2013.177 Revenue from GST also increased, driven by increased consumption, increased tax rates (from the initial 3.5 percent to 6 percent) and the inclusion of more goods and services in the list of taxable items. The government has recently added key sectors such as telecommunications and transport to the GST,178 which will significantly increase GST revenue in future. The government has already put forward proposals to increase the TGST rate to 15 percent. According to the World Bank, non-tax revenue accounted for 26 percent of total government revenue. This includes rent from resort lease and profit transfers from State-owned enterprises179 and puts the non-tax revenue in Maldives among the highest in the South Asia region.180 This over-reliance on non-tax revenue may be a source of structural vulnerability in the economy and the revenue base. 177 Ibid., 21. 178 Maldives Inland Revenue Authority, GST (Goods and Services Tax) <http://www.mira.gov.mv/Gst.aspx>. 179 The World Bank, above n 73, 40-41. 180 Ibid.