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MIRA revenue up to MVR 1.5 bln with new island leases

Fathmath Shaahunaz
21 July 2016, MVT 10:42
People pictured at MIRA's service counters. MIHAARU FILE PHOTO/NISHAN ALI
Fathmath Shaahunaz
21 July 2016, MVT 10:42

With MVR 155 million earned as acquisition cost of three islands newly leased by the state for resort development, Maldives Inland Revenue Authority (MIRA) received a revenue of total MVR 1.5 billion last month.

According to MIRA’s official statistics released Tuesday, its US dollar revenue for June stands at USD 57 million, which is an increase of 21 percent from last year and a 1.5 percent increase from the projected estimate.

Statistics show that the highest revenue to the state in June was from Goods and Services Tax (GST). The total revenue from GST was MVR 431.8 million with MVR 259.3 million from Tourism GST (T-GST) and MVR 172.5 million from general GST.

The T-GST last month is 17.2 percent lower than the revenue earned last year June.

The second highest revenue to MIRA in June was from business taxes with a total MVR 377.5 million from Withholding Tax and Business Profit Tax (BPT). The revenue is 25 percent higher from last year.

MIRA’s statistics also show Zakat (charity) last month which overlapped with the Islamic holy month of Ramadan was at MVR 6.9 million.

The total revenue for MIRA this year until the end of June stands at MVR 7.9 billion.

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