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State revenue at MVR 1.81 billion in Jan: MIRA

Fathmath Shaahunaz
12 February 2020, MVT 11:02
MIRA building in capital Male' City. FILE PHOTO/MIHAARU
Fathmath Shaahunaz
12 February 2020, MVT 11:02

Maldives Inland Revenue Authority (MIRA) collected MVR 1.81 billion as state revenue during the month of January 2020.

According to MIRA's monthly statistics, January's numbers are a 14.7 percent drop compared to the same period last year. MIRA attributed the decrease to an overall decline in tax revenues, noting that the authority received one-off payment towards Lease Period Extension Fee in January 2019, thus leading to the comparative decrement.

However, last month's revenue was 7.4 percent higher than the projection for January 2020, due to the spike in the number of tourist arrivals in December 2019 compared to 2018, thus increasing the Tourism-Goods and Services Tax (T-GST) collected. MIRA also revealed that Tourism Land Rent dues from past deadlines were received in January, which led to the increment as well.

The US Dollar revenue collection last month amounted to USD 64.3 million.

MIRA's collection of revenue in January 2020:

- Goods and Services Tax (GST): MVR 807.1 million (44.5 percent)

- Business Profit Tax (BPT): MVR 645.04 million (35.6 percent)

- Green Tax: MVR 84.93 million (4.7 percent)

- Airport Development Fee: MVR 69.2 million (3.8 percent)

- Airport Service Charge: MVR 68.68 million (3.8 percent)

- Other taxes and fees: MVR 138.13 million (7.6 percent)

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