MIRA collects MVR16.4 million as income from audits

MIRA has revealed that it collected MVR16.4 in the last quarter as income from audits.

MIRA’s financial statements for Q2 of 2012 show that a total of 90 GST audits were conducted, resulting in the collection of MVR 10.6 million. Also during the same period, 30 audits on Withholding Tax were conducted, resulting in additional assessed tax of MVR5.8 million.

“We first check companies’ statements internally, and conduct audits on those in which discrepancies exist, or when we receive complaints. We will continue to do this every quarter,” an official of MIRA said today.

MIRA also visited 1,757 outlets in Male’ area to conduct inspections, as part of their routine program.

Information on the requirement to submit financial statements by taxpayers, and how to prepare tax statements are also provided in this program.

MIRA has announced the names of 158 businesses on the government gazette as GST non-compliers.

In 2012, the State collected MVR1.4 billion and MVR3.5 billion at the end of Q2 and at the end of the first six months respectively from MIRA.