Maldives Inland Revenue Authority (MIRA) has announced that state revenue totalled at MVR 1.3 billion in September.
MIRA's statistics show that the state earned MVR 1.3 billion in September out of which the US Dollar revenue was USD 59.4 million (MVR 915 million). This is an eight percent decrease from the projected estimate for the month, but a 25 percent spike from the same period last year.
According to MIRA, the increased revenue was due to the settlement of lease extension fees from places leased for tourism purposes, while there was also a 10 percent spike in the number of tourists who visited Maldives that month.
As is usually the case, a majority share of the tax income hailed from Goods and Services Tax (GST), generating over MVR 500 million in revenue. The second biggest contributor was tourism-related leasings which collected MVR 326 million in revenue.
According to MIRA, the increase in revenue compared to the same month last year was due to fees levied on the tourism-related leasings, while a failure to meet the projected revenue target was attributed to delays in the payments of said fees from certain entities.
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