Maldives Inland Revenue Authority (MIRA) has announced that they have collected MVR 4.99 Billion as revenue in the first quarter of 2018.
In their quarterly report, MIRA stated that this is an increase of 9.5% compared to the first quarter of 2017 and an 18.3% increase in projection for the first quarter. The increment in revenue compared to the first quarter of 2017 is due to the surge in TGST, Green Tax, Withholding Tax, Tourism Land Rent and the inclusion of Airport Development Fee collection.
Looking at the Q1 2018 report, 48% of the total revenue was contributed by GST. More than 22.2% was by BPT and the remaining was contributed by Tourism Land Rent, Green Tax and Airport Service Charge.
MIRA also reported that they collected USD 199.45 million as revenue. This is a 15% increase compared to the first quarter of 2017. One of the main reasons for the increase was the introduction of Airport Development Fee as well as the rise is Tourism Land Rent and TGST.
Total GST collected accounted for MVR 2.41 Billion. This is an increase of 17.4% compared to Q1 of 2017. 68.5% of the GST collection relates to tourism section while the remaining 31.5% relates to GST from the general sector. TGST collected accounted for MVR 1.65 billion while GGST collected accounted for MVR 758.34 and BPT collected accounted for MVR 1.11 billion.
Maldives Inland Revenue projects that they will receive MVR 3.39 billion as revenue which is an increment of 4.2% compared to the second quarter of 2018.