Statistics show state income rising to MVR 16.97 billion!

Photo shows vendors at the local market in the capital Male' city of Maldives. (Sun Photo/Ahmed Awshan Ilyas)

Maldives Inland Revenue Authority’s (MIRA) statistics have shown that the state income for 2019 stood at MVR 16.79 billion.

The statistics showed that this was an increase of MVR 440 million from the income of 2018 which stood at MVR 16.35 billion.

The biggest source of income for the state came from taxes which is around MVR 12.97 billion. This is a relatively small increase from the amount recorded in 2018 which is MVR 12.7 billion.

Goods and Services Tax accounted for MVR 7.7 billion and Business Profit Taxes stood at 2.89 billion.

Other than taxes, the next biggest source of income for the state came as tourism land rents, which is around MVR 1.65 billion. This is MVR 114.5 billion increase compared to 2018.

The Velana International Airport accounted for the third biggest source of income for the state with around 729 million accrued from airport development fees. Lease period extension fees also garnered the state around MVR 306 million while fines amounted to MVR 187 million.