State revenue increases by 41 percent

State revenue generated for the month of June 2018 has increased by 41% compared to same period in 2017, according to Maldives Inland Revenue Authority (MIRA).

MIRA publicized statistical report for the month of June indicates Maldives state has collected an income of MVR1.3 billion. This marks an 18.5% jump from the forecast value earlier this year.

The government's taxation authority had stated reason for the revenue bump in 2018 can be attributed to the one-month push on tax settlement from local businesses back in 2017. Instead of June the tax settlement deadline was pushed back to July in 2017.

In addition to this the number of resorts open for business has gone up by 2018 resulting in the income generated from tourism land rent, TGST (Tourism Goods and Service Tax) and Green Tax bumping respectively.

Goods and Service Tax (GST) income for the month of June had reached MVR455.95 million which is 35.4% of the total income for the month; making it the most collected revenue source. Tourism land rent fees collected during the month of June reached MVR292.04 million, which is translated to 12.6% of the total income generated in the month.

Business Profit Tax (BPT) collected during last month reached MVR162.05 million which marks a 4.2% contribution to the state income. Other revenue streams to government included Bank Profit Tax (MVR114.98 million - 3.6%), Green Tax (MVR54.27 million - 3.6%) and other fees which reached MVR208.5 million, which is a 16.2% contribution to state income.