State revenue at MVR 4.93 billion during 1st quarter

The state has received MVR 4.93 billion through Maldives Inland Revenue Authority (MIRA) during the first quarter of the current year.

In the quarterly statistics revealed by MIRA, the amount received by MIRA during the first quarter is less than what was estimated to be received during the period. This amount is also a 3.1% decrease from the amount generated during the same period the previous year.

MIRA said the fluctuation is due to outstanding tourism land rents and Business Profit Tax (BPT) payable to the authority.

During the first quarter, the largest revenue was generated as Goods and Service Tax (GST), which accounts for 47% of the revenue, with revenue generated from BPT being the second largest source of revenue.