MVR 862.91 mill collected as revenue in August

Maldives Inland Revenue Authority (MIRA) has stated that the authority collected MVR 862.91 million as revenue in August.

MIRA said the amount is a decline of 14.8% compared to total revenue collection in August 2018. The collected amount is 3.4% lower compared to the forecast for August 2019.

Revenue collection of August 2019 decreased compared to the corresponding period of 2018, as one-off payments toward Land Acquisition and Conversion Fee, Construction Period Extension Fee and Lease Period Extension Fee were received in 2018. Furthermore, decrease in BPT and GST, due to non payment, added to this variance. Compared to the projection for the month, revenue of August 2019 slightly declined since GST decreased due to non-payment, said MIRA.

At 55.8%, the biggest contribution towards total revenue was from GST payments. While the second largest contribution was from BPT payments with 13.3% of total revenue, Green Tax contributed to 8.4% of total revenue collected.

Airport Development Fee contributed to 8.4% of the the revenue, while 6.2% was received as Airport Service Charge. Business profit tax followed close behind with 6.0%. The remaining 10% was received through other taxes and fees.

US$ 30.9 million was collected as revenue during August.