Revenue in June falls short of forecasts
MIRA says that even though the revenue for June was lower than expected, it still was 26.8% higher than the same period last year.
By
Aishath Fareeha Abdulla
The revenue collected by the state through Maldives Inland Revenue Authority (MIRA) last month fell below the estimated amount.
MIRA collected MVR 2.05 billion in state revenue last month, according to the agency’s published statistics.
The revenue collected last month was 28.8% lower than the forecast for the same period.
According to MIRA, the reasons behind are:
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Corporate income tax, bank profit tax and tourism land tax as revenue slumped
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Corporate income tax and bank profit tax were paid much earlier than the deadline as they were allowed to be paid in advance
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Many businesses have not paid tourism land tax and GST
MIRA says that even though the revenue for June was lower than expected, it still was 26.8% higher than the same period last year.
MIRA received the highest revenue from the following in June:
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GST: MVR 748 million (36.49% of total revenue)
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Income Tax: MVR 629 million (30.69% of total revenue)
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Tourism Land Rent: MVR 343 million (16.74% of total revenue)
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Departure Tax: MVR 81 million (3.98% of total revenue)
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Airport Development Fee: MVR 81 million (3.98% of total revenue)
MIRA received revenue in USD 76.57 million last month.
