MVR 1.81 billion as revenue in January, a 14 percent drop

Records released by Maldives Inland Revenue Authority (MIRA) shows it collected MVR 1.81 billion as income in January, a 14.66 percent drop compared to the MVR 2.12 billion it had collected during the same period last year.

MIRA attributed the drop in income to a decrease in tax income earned in January. It also noted that the income in January 2019 had included lease period extensions fees, which had only been collected during that period.

The top source of income was from Gross Domestic Tax (GST). The MVR 807.13 million in GST made up for 44.5 percent of the total income. The next biggest source was Business Profit Tax (BPT). At MVR 645.04 million. It made up for 35.6 percent of the total.

MIRA collected an additional MVR 84.93 million as Green Tax, MVR 69.20 million as Airport Development Fee, MVR 68.68 million as Airport Service Charge and MVR 138.13 million as other taxes and fees.

While the income in January had been lower than the previous year, it had been 7.4 percent higher than MIRA’s projections – attributed to high tourist arrivals and a boost in tourism-related taxes, and collection of tourism land rent last deadline payments.

The MVR 1.81 billion in income collected in January included USD 64.5 million.