Revenue collection increases by 59 percent for MIRA

Maldives Inland Revenue Authority (MIRA) has announced that its revenue collection increased by 59.9 percent in May 2014, compared with May 2013.

This was stated in its Monthly Revenue Collection Report for May 2014.

MIRA’s total revenue collection for May 2014 was MVR 800.9 million, while that for the corresponding period last year was MVR 500 million.

Total revenue collection for May 2014 was also 5.9 percent higher than projected.

The report further states that total US Dollar revenue collection for May 2014 was MVR 38.7 million.

The highest contribution to revenue collection for May 2014, MVR 342 million, came from Goods and Services Tax. MIRA also collected MVR 80 million as Business Profit Tax (BPT) and MVR 80 million as Tourism Tax.

As at 31 May 2014, MIRA had collected MVR 4.3 billion as tax. The total amount collected as tax in the first five months of last year was MVR 3.6 billion.