MIRA collects MVR 1.41 billion in tax revenue for April 2021
MIRA revealed that this amount represented a 173.8 percent increase when compared to the tax revenue accumulated for the same period last year.
Maldives Inland Revenue Authority (MIRA)
Maldives Inland Revenue Authority (MIRA) has recorded MVR 1.41 billion in revenue for the month of April.
MIRA revealed that this amount represented a 173.8 percent increase when compared to the tax revenue accumulated for the same period last year. Further, the authority confirmed that this was 82.6 percent greater than their estimates for the month of April 2021.
The steep increase in revenue recorded for April corresponds to an increased tax revenue collected by MIRA, including Green Tax and the Airport Development Fee and Tourism goods and services tax (TGST).
In addition to this, MIRA revealed that 20 percent of their revenue in April was due accumulation of pending funds by the state.
MIRA noted that following the revival of Maldives' tourism industry amid the pandemic, the authority had been able to generate greater tax revenue for April 2021. MIRA added that due to the tourism industry having been almost completely halted last year, the pandemic had left a huge impact on revenue in the previous year.
Most of April's tax revenue is reported from Goods and Services Tax (GST), MIRA stated, representing 60.1 percent of all tax revenue. MIRA collected MVR 849.61 million in GST revenue for the month of April 2021.
The second greatest source of tax revenue for MIRA had been Tourism Land Rent, which contributed 9.8 percent or MVR 139.12 million to MIRA's earnings in April. In addition to this, MVR 95.54 million had been collected as Green Tax, MVR 75.58 million as Income Tax, MVR 40.26 million as Business Profit Tax (BPT), MVR 39.33 million in Airport Development Fees, and MVR 214.56 million recorded in other tax revenue.
The MVR 1.41 billion collected as revenue by MIRA in April 2021 also includes USD 66.05 million.
