Last month's MIRA income below forecast

Income generated by Maldives Inland Revenue Authority (MIRA) last month was 28.8 percent lower than initial forecasts, the Authority's data reveals.

According to the statistics, MIRA received MVR 2.05 billion last month, which includes USD 76.57 million.

While this is a 26.8 percent increase from June 2023, it was still 28.8 percent lower than the initial estimates.

MIRA's report attributes this dip to a drop in income tax, profit tax and tourism land lease payments, while Goods and Service Tax (GST) contributed to the larger portion of last month's income.

Figures show that MVR 748 million was paid to MIRA as GST, accounting for 36.49 percent of all income that month. Income tax followed at MVR 629 million, or 30.69 percent. The highest dollar income came from Tourism Goods and Services Tax (TGST), totaling USD 27.3 million, which represents 35.7 percent.

Looking at the last six months, MIRA's income surpassed MVR 12.5 billion, which is about MVR 1.9 billion more than the same period last year.