MIRA

Maldives Inland Revenue Authority (MIRA) has said that its revenue increased in quarter 1 (Q1) of 2014 by 10.5 percent compared with the corresponding quarter of 2013.

The Quarterly Report, Q1 2014, published by MIRA yesterday states that its revenue in Q1 of 2014 was MVR 2.78 billion, while its revenue in the corresponding period of 2013 was MVR 2.51 million.

MIRA said that GST was the main revenue contributor in Q1 of 2014, contributing 44.5 percent of the total revenue collected during the quarter; while Business Profit Tax (BPT) accounted for 27.9 percent of the total revenue.

In terms of the currency composition of the revenue, MIRA collected 59 percent of its revenue in US Dollars, and 41 percent in Maldivian Rufiyaa.

The report states that MIRA collected MVR 121 million as Airport Service Charge, MVR 776 million as BPT, MVR 885 million as Tourism Goods and Services Tax (TGST), and MVR 259 million as Tourism Land Rent.

MIRA said that almost all revenue categories generated higher revenue in Q1 of 2014.