Maldives Inland Revenue Authority (MIRA) has reported a significant bump in the profit increase from Business Profit Tax for the month of July, 2018.
The tax authority stated BPT revenue collected for the month ended contributed to a significant share of total revenue collected by the authority. According to MIRA, the BPT collection increased by 43.9% which translates to MVR934.50 million.
Total revenue collected by the taxation authority in July, 2018 reached MVR2.1 billion, marking a swift 2% jump from the same period of 2017. This is also a 1% jump from the earlier forecast figures by the authority as well.
Following Business Profit Tax, the next revenue source for state comes from Goods and Services Tax (GST) which rose up to MVR519.13 million, while Bank Profit Tax hit 16.4% increase translating to MVR348.21 million.
Tourism Land Rent increased by 4.9% hitting a collection of MVR105.32 million, Green Tax increased by 2.1% translating to MVR44.03 million in collection. Other tax collections reached MVR177.60 million which marks an 8.3% increase.