MIRA collects MVR 2.42 billion in Aug, 24% above forecast

The Maldives Inland Revenue Authority (MIRA) collected MVR 2.42 billion in revenue in August, 24 per cent more than the amount forecast for the month.

Figures released by MIRA show that the total included USD 98 million collected in foreign currency.

MIRA said revenue exceeded the August forecast due to higher receipts from Corporate Income Tax, Goods and Services Tax (GST), Tourism Goods and Services Tax (TGST) and Bank Income Tax.

Revenue was also boosted after the deadline for paying income tax fell on a public holiday in July and was subsequently extended to August 2.

The MVR 2.42 billion collected in August was 14 per cent higher than the amount recorded in the same month last year, MIRA said.

According to the authority, the year-on-year increase came despite tourist arrivals declining by 1.9 per cent. TGST revenue increased during the period, including through the collection of a significant amount of previously outstanding payments.

Higher revenue from work permit fees also contributed to the increase.

GST was the largest source of revenue in August, accounting for 51.5 per cent of total collections, or MVR 1.2 billion.

Income Tax was the second-largest source, generating MVR 490 million, or 20 per cent of total revenue.

Green Tax generated MVR 200 million, accounting for 8.3 per cent of the total, while Airport Development Fee collections stood at MVR 146 million, or 6 per cent.

Departure Tax brought in MVR 144 million, equivalent to 5.9 per cent of total revenue.

Work permit fees generated MVR 77 million, accounting for 3 per cent of collections.