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State revenue at MVR1 billion in August

Nafaahath Ibrahim
13 September 2018, MVT 09:56
Mira Office
Nafaahath Ibrahim
13 September 2018, MVT 09:56

The state revenue reached MVR 1 billion in August, according to Maldives Inland Revenue Authority (MIRA).

MIRA's statistics show that the state earned one billion in August out of which the US Dollar revenue was USD 38.5 million (MVR 593 million). This is a 16 percent increase from the projected estimate for the month.

According to MIRA, the increased revenue was due to the settlement of lease extension fees for places leased for tourism purposes, while there was also a 10 percent spike in the number of tourists who visited Maldives that month.

As per usual, the biggest share of the tax income was from Goods and Services Tax (GST) with MVR 529 million, which accounts for 52 percent of the total amount.

The second biggest contributor was Business Profit Tax (BPT) with MVR 121 million.

Meanwhile, with MVR 76 million, tourism-related leasings were the third biggest contributor.

Although the earnings for August 2018 increased, the revenue was a drop from the amount recorded in August 2017.

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