The government’s taxation authority, Maldives Inland Revenue Authority (MIRA) recorded a government revenue of MVR 1 billion during May 2018.
According to the Monthly Revenue Collection Report publicized by MIRA, the revenue recorded for May was 10.6 percent higher than the estimated amount. It was, however, 14.6 percent lower than the recorded revenue for the same period in 2017.
MIRA explained that the increase in revenue was due to some banks paying their profit taxes ahead of the deadline imposed by the tax authority. July 31st is the deadline to pay profit tax.
The report shows that the highest revenue was obtained via Goods and Services Tax (GST) at 58.2 percent, followed by Bank Profit Tax at 9.4 percent. Green Tax contributed 6.1 percent to the revenue whereas Airport Development Fee and Airport Service Charge both contributed an equal 5.5 percent to the total revenue.
Mira further stated that over MVR 589 million (USD 38.22 million) of the revenue in May was received in US Dollars.