MIRA

The Maldives Inland Revenue Authority (MIRA) has reported an increase in revenue of 34 percent over the past three months.

MIRA said in its Quarterly Report, Quarter 2, 2013, published today, that compared to the projections for the quarter, the collections were 34.3 percent favourable; and compared to the corresponding first half year of 2012, the collection of MVR 4.66 billion depicted a growth of 34.1 percent in the first six months of 2013.

The projected revenue for this quarter was MVR 1.60 billion, while the actual amount collected was MVR 2.14 billion.

MIRA said that the main driver to the favourable outcome was significant amounts of BPT collection compared to projections. The authority said that revenue collected from Non-Tourism Property Income, Tourism Land Rent, Tourism Tax and GST was also exceedingly favourable compared to the projections.

MIRA said that revenue from Vehicle Fees, Resident Permit and Royalties were also moderately favourable than expected.

Contrarily, revenue from Airport Service Charge, Business Permits, Fines, Land Sales Tax, Lease Period Extension and Revenue Stamp were less favourable than projected, said MIRA.

MIRA said that the revenue collection in USD amounted to $83.8 million, half of which came from the tourism sector GST.

MIRA’s projected revenue for quarter 3 of 2013 is MVR 2.34 billion.