State income falls short of estimate

Maldives Inland Revenu Authority (MIRA) report shows State income level for the third quarter had fallen below which was projected.

State income for third quarter was recorded at MVR 3.46 billion, which is 6 percent short of the projected MVR 3.72 billion.

The figure is also lower than the MVR 3.67 billion in revenue earned by the State during the third quarter, 2015, by 5.8 percent.

Goods and Services Tax (GST) and Business Profit Tax (BPT) is the biggest revenue generator for the State. Third quarter GST revenue for the State was recorded at MVR 1.32 billion – which makes up for 38.3 percent of the total income earned by State.

74.7 percent of the GST is from Tourism Goods and Service Tax (TGST). It makes up for 22.6 percent of total State income.

Out of the MVR 1.32 billion in GST, MVR 780.88 million is from TGST.

State earned MVR 996.6 million in Business Profit Tax (BPT) – which makes up for 28.8 percent of total State income earned during the third quarter.

Both GST and BPT fell below the revenue earned during the third quarter of 2015; GST by 2.2 percent, and TGST by 5.2 percent.

The third biggest income generator for State during the third quarter was from Green Tax and lease of land for tourism.

State earned MVR 360.43 million in lease during the third quarter – which makes up for 10.4 percent of total State income.

State earned MVR 143.87 million in Green Tax during the third quarter – which makes up for 4.2 percent of total State income.

Income in USD during the third quarter was higher than that of third quarter, 2015, at MVR 122.91 million. This is 54.5 percent of total State income.

The figure is however lower than what was earned during the second quarter of 2016 by 2.9 percent.