State revenue increases 16% more than forecast figures

Maldives state revenue has increased in August by 16% more than previously forecast figures.

Maldives Inland Revenue Authority (MIRA) has reported the island nation's state has garnered an income of MVR1 billion in August.

The accumulated income collected to state through government's taxation authority had also included USD38.5 million.

MIRA confirmed the increase of state income from initial predictions could be due to increase of extensions to tourism land and plot rent and lease and a 10% hike in tourist numbers.

Goods and Service Tax (GST) collected in August contributed for the largest share of income generated; reaching MVR529 million. Business Profit Tax (BPT) collected in August hit MVR121 million while lease extension fees collected reached MVR76 million.