MIRA collects MVR 2.51 billion revenue during first quarter

Quarterly report of the Maldives Inland Revenue Authority (MIRA) has revealed the authority to have collected MVR 2.51 billion in revenue for the first quarter of 2013, 1.6% higher compared to the projections for the quarter.

The amount is 24% more than the revenue collected during the corresponding quarter of 2012 and 73% higher than the previous quarter, states the report.

Tourism Goods and Services Tax (T-GST) rate was increased from the beginning of January 2013 to 8 percent, which previously stood at 6 percent.

The Authority collected MVR 99.27 million as Airport Service Charge, MVR 670.53 as Business Profit Tax, MVR 1.01 billion as GST, MVR 294.48 million as Tourism Land Rent, MVR 230.62 million as Tourism Tax and MVR 11.22 million as Vehicle Fees.

The total collection in US Dollars amounts to $99.2 million, which consists to 61 percent of the total revenue collected during the quarter. While GST made up 41 percent, Business Profit Tax consisted of 27 percent, Tourism Land Rent a total of 12 percent, Tourism Tax contributed to 9 percent of the total revenue collected.

Breaking down the total revenue in months, the Authority collected MVR 1.1 billion during the month of January, MVR 660 million during the month of February and MVR 802.3 million for the month of March in 2013.