An increase of 2.7% has been recorded in the revenue received by the Maldives Inland Revenue Authority (MIRA) in 2019.
Statistics publicized by the authority show the state received a revenue of MVR 16.79 billion through MIRA during the last year. This is an increase of 2.5% compared to the revenue forecast for 2019.
While 46% of revenue was generated from Goods and Services Tax (GST), MVR 7.74 billion was received as GST.
Business Profit Tax (BPT) generated a revenue of MVR 2.90 billion, making up 17% of the total revenue. MVR 1.65 billion was received as land rent, and MVR 850.27 million was received as Green Tax, each contributing to 10 and 5 % of the total revenue respectively. Revenue received as Airport Development Fee possessed 4% of total revenue, with MVR 728.91 million received via MIRA.
The total revenue received in December 2019 is MVR 1.56 billion, an increase of 8.9% compared to the same period last year.
According to MIRA, the revenue of December 2019 increased compared to the corresponding period of 2018, and the forecasted revenue was due to the increment in main tax and non-tax revenues, namely TGST, Withholding Tax, Airport Service Charge, Tourism Land Rent, along with the receipt of Lease Period Extension fees.
MVR 658.04 million was received as GST in December, while MVR 361.95 was received as tourism land rent. MVR 129.96 was received as BPT and MVR 76.7 million was received as Lease Period Extension Fee.
Additionally, MVR 68.79 was collected as Green Tax and other taxes and fees generated MVR 277.03 million. US$ 74 million was received as USD revenue in December.