State revenue increases by 22 percent

Total revenue collection compared to March 2013 has increased by 22.6 percent in March 2014, statistics published by the State’s principal tax collector, Maldives Inland Revenue Authority (MIRA) on Tuesday has shown.

The total revenue collected for the month of March 2014, including United States Dollars, sum up to MVR 983.2 million, and increase of 8.5 percent of the total revenue collection forecast for March 2014. The United States Dollar revenue collected for March 2014 stands at $49 million.

The total revenue collected by MIRA for March 2013, including United States Dollars, stood at MVR 802.3 million.

The State gained MVR 538.8 from Goods and Services Tax (GST) collection in March 2014, the largest contributor to revenue. It also gained MVR 42 million in Business Profit Tax (BPT) and MVR 70.1 in Tourism Tax for March 2014.

MIRA has collected MVR 2.7 billion in taxes from January to March 2014, compared to MVR 2.5 billion in same period of 2013.