The state tax authority, Maldives Inland Revenue Authority (MIRA), received MVR 143 million in revenue during the first week of this year.
The figures released by MIRA showed that the largest revenue in the first week came from land rentals for tourism purposes. MIRA received MVR 56.4 million as tourism land rent.
The second largest revenue was from TGST, amounting to MVR 15.9 million. The third largest revenue came from other taxes and fees, amounting to MVR 15.4 million.
Details of revenue generated:
Tourism Land Rent: MVR 56,41,758
Tourism GST: MVR 15,920,615
Other taxes and fees: MVR 15,362,136
Non-tourism GST: MVR 13,730,978
Green Tax: MVR 12,845,052
Business Profit Tax: MVR 12,042,994
Airport Development Fee: MVR 8,318,119
Airport Service Charge: MVR 8,161,133
Non-resident withholding tax: MVR 1,110,338
MIRA has changed the rates of TGST and GST from January 1 this year. While the rate of TGST increased from 12 percent to 16 percent, the GST rate increased from six percent to eight percent.
The increase in TGST and GST rates is expected to bring in an additional MVR 3 billion in revenue this year.
