Statistics show drop in GST, BPT revenues

Maldives Inland Revenue Authority (MIRA) and Ministry of Finance building. (Sun Photo/Fayaz Moosa)

The revenue obtained from Goods and Services Tax (GST) and Business Profit Tax (BPT) in November 2019 saw a drop when compared with the figures from the same period last year.

General GST amounted to 20 percent of the state’s income in November 2019. The statistics published by the state tax authority MIRA showed that a total of MVR 232.5 million was obtained as General GST in November 2019, which is a decrease from the MVR 234 million obtained in 2018.

The statistics also showed that General GST revenue keeps on decreasing year-by-year. The revenue obtained as General GST in the first 11 months of 2019 saw a reduction of MVR 55.35 million. 

Even though the General GST revenue decreased, MVR 419.13 million was acquired as revenue from Tourism sector GST. This is an increase of 3.4 percent when compared with last year.

The statistics also showed a reduction in BPT revenues which amounts to 4.8 percent of the income. The BPT figures stood at MVR 55.34 million, which is a significant decrease from the MVR 57.67 million earned in 2018.

MIRA collected MVR 1.15 billion in taxes in November. Revenue collected in US dollars stood at USD 51.6 million. MVR 15.23 billion was earned by the state through MIRA up until November.