State revenue increased by MVR 300 million in Q4 of 2012: MIRA

Maldives Inland Revenue Authority (MIRA) has said that the revenue collected in Q4 of 2012 was MVR 300 million more when compared with the corresponding period of 2011.

The Quarterly Report for Q4 of 2012 published by MIRA today shows that revenue in Q4 of 2012 was MVR 1.5 billion, while in 2011 it was MVR 1.2 billion; which means that from October to December 2012, state revenue increased by 25.6 percent.

The largest contribution to the revenue was from tax (BPT and GST). Tax revenue increased from MVR 26.1 million in Q4 of 2011 to MVR 76.7 million in Q4 of 2012, which is an increase of 193.4 percent. Revenue from GST alone saw an increase of 101.5 percent.

The MVR 57.3 million collected as tax includes bank profit tax, land sales tax and income from the sale of state property.

State revenue for Q4 of 2012 was 4 percent higher than the projected amount of MVR 1.4 billion

The largest contributions to state revenue in Q4 came from GST with 45 percent, rent from islands leased for tourism with 18.3 percent and tourism tax with 13.6 percent.

Out of the total state income for Q4 of 2012 of MVR 1.5 billion, 65.1 percent was received in dollars. MIRA’s report shows that $61.4 million was collected by the state during this period.

This includes 41.3 percent as GST from tourism sector, 28 percent as resort rent, 21 percent as tourism tax, 5.9 percent as airport service charge, 1.6 percent as royalties and 2.3 percent as others.

MIRA’s statements show that total state income increased by 56.7 percent (from MVR 4.5 billion to MVR 7.2 billion) between 2011 and 2012. This increase was due to the increase in GST from 3.5 percent to 6 percent, and the first interim payment of 2012.

The total income of the state for 2012 was 0.8 percent more than the projected amount, which was MVR 7.1 billion.