MIRA collects MVR 1.8 billion as revenue in January

Maldives Inland Revenue Authority (MIRA) has collected a total revenue of MVR 1.81 billion for the month of January 2020.

According to statistics publicized by the authority, MIRA collected a USD revenue of USD 64.3 million for the first month of the year.

MIRA revealed that the revenue increased by 7.4% compared to the projection for the same month, and a reduction of 14.7% was recorded for the same month in comparison to the same month of 2019. The company revealed that revenue decreased due to the decline in overall tax revenues

During January 2019, MIRA received one-off payment as Lease Period Extension Fee which is believed to have led to the comparative decrements in revenue.

Further, the authority revealed that an increment in tourist arrivals during the month of December 2019 in comparison to the same period in 2018 resulted in a higher TGST revenue.

Payments for past deadlines which were acquired in Tourism Land Rent are also expected to have caused the increment in revenue.

Further, the authority recorded contributions to the USD revenue in 52.7% for Goods and Services Tax in the tourism sector, 19.7% in Business Profit Tax, 8.6% in Green Tax, 7% in Airport Development Fee and 7% for Airport Service Charges as well as 5% for other means.

Statistics also reveal the contributions to the total revenue at 44.5% as Goods and Services Tax, 35.6% as Business Profit Tax, 4.7% as Green Tax, 3.8% as Airport Development Fee and 7.6% through other means.

MIRA received a revenue of MVR 2.12 billion during January 2019, in comparison to which it acquired MVR 311.56 million less this year.