State generates MVR 1.43 billion in revenue in February

Maldives Inland Revenue Authority (MIRA) has announced the State generated MVR 1.43 billion in revenue through MIRA in February.

Records released by MIRA show the MVR 1.43 billion generated as revenue in February is a 12.3 percent increase compared to the revenue generated in February 2019. The figure is also 2.2 percent above MIRA’s projections for the month.

MIRA attributed the performance to an increase in revenue generated from Airport Development Fee.

The State generated USD 57.2 million in US currency in February, which MIRA has attributed to the extension of Business Profit Tax (BPT) payment period to the end of February, resulting in the generation of MVR 412,537,990 as BPT.

The major contribution to the tax revenue in February came from Goods and Service Tax (GST). The State generated MVR 623,730,765 in GST. It includes MVR 132,210,491 in General GST and MVR 491,520,264 in Tourism GST (TGST).

The revenue from GST is lower compared to February 2019.

With regards to non-tax revenue, the State generated MVR 71,773,114 in Airport Service Charge, and MVR 72,533,985 in Airport Development Fee.

It also earned MVR 23,805,811 from fines in February, which is low compared to the MVR 32,423,558 earned from fines in February 2019.