Over 200 businesses failed to pay GST in first quarter

More than 200 businesses have failed to pay GST in this year’s first quarter, reveals Maldives Inland Revenue Authority (MIRA).

They include 23 tourism businesses and 134 private businesses.

MIRA has disclosed the names of the businesses which failed to submit their GST statements.

Statistics show that MIRA received a larger income this July compared to the same month last year due to increased revenue from T-GST, green tax, and bank profit tax (BPT). However, the income in July was lower than their estimate due to fewer revenue from GST and BPT.

In July this year, most of the income came from BPT, which was MVR 874 million or 40.5%. The second highest was from MVR 511 million or 23.7% and the third highest coming from tourism leases, which was MVR 436 million or 20.2%.

In July, MIRA received an income of USD 50.6 million.