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MIRA reports MVR 15B in receivables

Mohamed Rehan
25 August 2022, MVT 12:40
MIRA reports MVR 15 billion in tax and revenue receivables so far in 2022 -- Photo: MIRA
Mohamed Rehan
25 August 2022, MVT 12:40

Maldives Inland Revenue Authority (MIRA) reports a collective total of MVR 15 billion in receivables.

The second quarter report of the tax and revenue authority confirms MIRA stands to receive the most in rent from resorts. MIRA reported a total of MVR 9.4 billion in receivables from resorts; including MVR 2.9 billion as rent and MVR 6.4 billion as fine.

According to MIRA, receivables as government revenue from the aforementioned category covers 60 percent of the total receivables.

Additionally, MIRA confirms MVR 1.9 billion in Goods and Service Tax (GST) receivables, which include taxation from state-owned enterprises (SOEs) and other taxes amounting to MVR 1 billion, MVR 790 million in Tourism Goods and Services Tax (TGST) with the inclusion of MVR 318 million in Income Tax.

Taxes from other categories amount to MVR2.1 billion in receivables.

So far in 2022, MIRA has claimed MVR 480 million out of the total receivables.

Failure to comply with tax regulations and settling tax payments before due subjects taxpayers to relevant accountability measures. MIRA further holds authority to litigate against taxpayers with long dues, especially against taxpayers who failed to comply on multiple notices.

MIRA introduced a 'Name and Shame' list that publicizes taxpayers who failed to settle taxes long past due. The authority had since publicized several resort properties for their failure to settle resort rent.

Though names of several tourist properties were publicly disclosed, MIRA had not received rent from most of these properties.

According to the quarterly statistics, over 70,000 taxpayers settled Income Tax, TGST and GST with the authority.

Maldives government earned MVR 12.6 billion in annual terms so far in 2022, with TGST and GST contributing the largest share of the revenue total.

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