Statistics revealed by MIRA states that the MVR tax income collected on January this year transcends that of the first month of 2023 while the USD income faced a $10 million decline in comparison.
The income generated by the tax authority, Maldives Inland Revenue Authority (MIRA) on the month of January this year has increased in comparison to last year. However, the USD income collected by the Authority has declined in comparison to January 2023.
As revealed in the statistics divulged by MIRA, the USD income earned by the Authority last month is $90 million; a figure that is a $10 million dollars decline from the income received on January last year. In comparison, the tax center had collected a figure of $100 million as income tax during this time last year.
This dollar income decline was a result of the low amounts received in dollar GST. During January last year, $62 million was received in GST with an amount of $80 million profit for the state. While the dollar income plummeted last month, no TGST payments were made in Maldivian Rufiyaa this year.
Furthermore, an additional $16 million in income tax was earned this year while $6 million was collected in Departure tax.
Regardless of dollar income decrease, the total income collected by the state transcends that of last year with an earning of MVR 3.2 billion last month. This is an MVR 152 million increase in comparison to January 2023. Last month, the amount gained as tax revenue in Maldivian Rufiyaa reaches a figure of 1.9 billion.
January is the month that generates the most tax income. The income of last month was the highest figure payed to MIRA within a month to date.
Sign In