Revenue received 17.1 percent higher than projected: MIRA Q3 Report

The Quarterly Report for Q3 of 2012 of Maldives Inland Revenue Authority (MIRA) has showed that the revenue received through the state taxation authority during the third quarter of 2012 is 17.1 percent higher than was projected for this period.

During the three months from July to September 2012, MIRA received MVR 2.2 billion, when its projected income for this period was MVR1.9 billion.

MIRA said that the increased in revenue is due to significant positive variances in Business Profit Tax (BPT), Airport Service Charge and Royalties.

The revenue of MVR2.2 billion was received 36.9 percent from BPT, 24.4 percent from GST, 13.7 percent from Tourism Land Rent, 8.2 percent from Bank Profit Tax, 7.9 percent from Tourism Tax and 8.9 percent from Other Tax.

The Q3 revenue is 81.7 percent more than the revenue received during the corresponding period of 2011, which was MVR 1.2 billion.

Out of the MVR2.2 billion revenue, 46.5 percent was collected in United States Dollar, which equals $67.5 million. Tourism Land Rent contributed most to dollar income, at MVR262.1 million.

Total revenue collection for the past nine months, or up to end of third quarter 2012 is MVR 5.7 billion. This is 0.7 percent lower than the projected revenue, but an increase of 67.3 percent compared to the corresponding period of 2011.