Maldives Inland Revenue Authority (MIRA) has collected more than USD 60 million as tax revenue in October.
The statistics released by MIRA indicated that compared to the month of October in 2018 the records of last October showed a decrease of 10.1% in revenue but was an increase of 6.8% over the anticipated amount for the October this year. Compared to October 2018, the last October indicated a decrease in Goods and Service Tax (GST), Tourism Goods and Service Tax (TGST), Business Profit Tax (BPT) and Green Tax revenues collected by MIRA.
The largest amount of money collected by MIRA for last October was in the form of GST which amounted to USD 35.9 million. The next largest amount of revenue was from Tourism Land Rent which amounted to USD 5.1 million on last October.
The tax authority has received USD 3.4 million from Green Tax, USD 3.3 million from Airport Development Fees, USD 3.2 million from Airport Service Charge and over USD 9 million as miscellaneous tax revenues.
Tax revenue increase in October 2018 was attributed to Land Acquisition Fees and Conversion Fees which were paid at that particular moment in time. Though there has been a decrease in revenue in October 2019, the total amount of revenue had exceeded the anticipated amount as Tourism Land Rent Taxes were paid beyond deadline.