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Government earns MVR 1 billion in May

Shahudha Mohamed
13 June 2019, MVT 09:04
Maldives Inland Revenue Authority (MIRA) building. MVR 1 billion was generated as state revenue in May. PHOTO: HUSSAIN WAHEED/MIIHAARU
Shahudha Mohamed
13 June 2019, MVT 09:04

The state earned over MVR 1 billion through Maldives Inland Revenue Authority (MIRA) during the month of May.

According to the statistics publicised by the state tax authority, the MVR 1.09 billion earned in May 2019 was a three percent spike compared to May 2018, due to the increase in the number of tourists visiting the country.

However, this is a five percent decrease from the estimated amount for last month, due to lower income from Bank Profit Tax than estimated.

Goods and Services Tax (GST) comprised the largest percent of revenue generated in May. A total of MVR 666 million was earned as GST, while MVR 95 million was earned as Business Profit Tax (BPT) which generated the second largest percent of income.

Moreover, statistics show that the equivalent of MVR 663 million was received in US Dollars, a total of USD 43 million.

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