Revenue from tax collection for the month of April surpassed all expectations by $21.8 million which is an all time high.

Figures released by FIRCA reveal that net tax collection for April totaled $113 million, representing an increase of 11.2 percent from the same period last year.

Net income tax collection for the month of April amounted to $43.2 million, increasing by 28.2 percent compared to the corresponding period in 2008.

Acting Minister for Finance Aiyaz Sayed-Khiayum said the increase in income tax collection was attributed to significant higher collection from withholding and dividend tax which more than offset the lower collection from PAYE, corporate tax and other taxes.

Net vat collection for April totaled $38.9 million, higher by 0.8% from the same period last year, mainly driven by strong collection from domestic VAT.

FIRCA also revealed that net customs collection in April surpassed forecast by $2.1 million with actual collection amounting to $29.6 million.

Sayed-Khaiyum said the increase in customs collection resulted mainly from the higher than expected collection in fiscal duty and import excise duty.

However, he said in the coming months, the uncertainty of the global recession will remain a risk to their 2009 revenue forecast.