The Maldives Inland Revenue Authority (MIRA) has disclosed that a total of MVR 2.28 billion was collected by the authority during the past month of October.
Statistics publicized by MIRA show that this is an 11.8 percent higher amount compared to the revenue received during this period last year. MIRA also stated that this is 12.9 percent higher than the amount projected to be received for October of this year.
The main reason for the increase in revenue compared to last year is the rise in funds received from tourism sector GST and general GST.
Additionally, the increase includes amounts received as Airport Taxes and Fees (ATF), income tax collected from entities other than companies and individuals, and fees for extending the lease period of resorts.
Furthermore, an increase in withholding tax from non-residents in the Maldives was also a reason for the revenue exceeding projections. 19.6 percent of the revenue received last month is shared by special efforts made by MIRA to recover overdue funds owed to the state. A total of MVR 448 million was recovered through these efforts. This includes:
- Recovered by sending notices: MVR 171 million
- Recovered through dues clearance: MVR 161 million
- Recovered under installment agreements: MVR 98 million
- Recovered by freezing accounts: MVR 10 million
- Recovered via phone calls: MVR 8 million
GST accounts for the largest share of last month's revenue. That is 58.9 percent or MVR 1.3 billion.
While the second-largest revenue was received from income tax at MVR 248 million, MVR 156 million was collected as green tax, MVR 151 million as airport development fee, MVR 149 million as departure tax, and MVR 73 million as work permit fees.
The revenue collected last month includes USD 96.24 million.
With this, MIRA stated that by the end of last month, a total revenue of MVR 30 billion had been received by the state, which includes USD 1.3 billion.
