Tax income for May at MVR 1.09 billion

Maldives Inland Revenue Authority (MIRA) has revealed that MVR 1.09 billion was received as tax income during May 2019.

The statistics for the month of May publicized by MIRA shows a 3.4% increase in revenue compared to the same period last year. However, this number falls short of the projected income by 5.5%.

MIRA said the increase in income is due to a spike in tourist arrival by 36.3% compared to the previous year, which increased the amount received as Business Profit Tax (BPT), General Goods and Services Tax (GST) and Green Tax.

MIRA further stated that the actual income falls short of the projected value as Bank Profit Tax that is due to be received has not been received yet.

While MVR 666.90 million was received as GST payments during the last month, MVR 95.40 million was received as BPT. MVR 77.66 million was received as Green Tax while Airport Development Fees brought in MVR 64.84 million. MVR 64.27 was received as Airport Service Charge and other taxes and fees amounted to MVR 116.62.