The Maldives Inland Revenue Authority (MIRA), the primary entity charged with processing taxes and implementation of such policies, has said that January was the single most profitable month in its history.
In its Monthly Revenue Report, MIRA said the MVR 2.2 billion it amassed in the first month of this year is a 27.2 percent increase compared to the same period last year, and 26.1 percent more than the projected income.
MIRA attributed this leap to increases in revenue from business profit taxes (BPT) and tourism land rent. The Authority had reportedly generated MVR 943.88 million from BPTs, almost half of last month’s total revenue – at 43.2 percent. GSTs (Goods and Services Tax) had generated MVR 742.64 million, amounting to 34 percent of the 2.2 billion.
The report further said MIRA generated; MVR 66.28 million from airport service charges, 60.94 million from tourism land rent, and 178 million from other levied taxes.
Of January’s profits, 66.5 million were US dollars.