MIRA

Maldives Inland Revenue Authority (MIRA) has announced that Total Revenue Collection stood at MVR 940 million at the end of April 2015.

MIRA said in its Monthly Revenue Collection April 2015 report, published today, that this was an increase of 14.9 percent compared to April 2014.

The authority said that the main reason for the increment is the increase in revenue due to the change in the rate for Tourism Goods and Services Tax (TGST).

The TGST rate was increased from 8 percent to 12 percent from November 2014.

Revenue Collection for April 2014 comprised of TGST collected at 8 percent, while that for April 2015 comprised of TGST collected at 12 percent, said MIRA.

Highest contributor to Revenue Collection in April 2015, at MVR 646 million, was GST. This is 69 percent of Total Revenue Collection.

MIRA announced earlier that Total Revenue Collection at the end of the first quarter (Q1) of 2015 was MVR 3.72 billion.