Banks' early fee payment boosts Maldives revenue in July
One of the reasons for the increase in revenue, the report said, was the payment of the second interim income tax by banks this year.
State has earned more revenue than expected last month after banks paid taxes earlier than they were due next year.
The latest figures released by the tax authority, Maldives Inland Revenue Authority (MIRA) show that the agency received MVR 2.9 billion or 16.7% higher than the July forecast.
One of the reasons for the increase in revenue, the report said, was the payment of the second interim income tax by banks this year. The original deadline for paying the tax was January 2025.
The banks paid the tax immediately on the government's instructions, some media reported. However, the banks have refused to confirm this.
According to the figures released by the MIRA:
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Agency collected MVR 2.93 billion during the period
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Revenue collected by the agency during the period was 17.1% lower than the same month last year
Revenue segments:
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Income tax collection stood at MVR 1.4 billion in July
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The next largest revenue came from GST; GST accounted for 33.33% of total revenue or MVR 977 million
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Tourism land rent accounted for 3.96% of total revenue; MVR 116 million
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Airport development fees of MVR 77 million accounted for 2.65% of total revenue
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Departure tax collection stood at MVR 75 million, or 2.56% of total revenue
According to MIRA figures, the agency received $75.77 million in dollars in July.
