Revenue collected for state in Q2 exceed projected amount by 50 percent

Revenue collected for the state by Maldives Inland Revenue Authority (MIRA) in the second quarter of this year has exceeded the projected amount by 50 percent.

The quarterly report publicized by MIRA on Monday shows that the authority collected MVR 5.29 billion as revenue in the second quarter of this year – which is an increase by 50.2 percent compared to the projected amount. In the same quarter last year, MIRA collected MVR 3.40 billion as revenue for state – making what was collected this year 55 percent higher.

MVR 3.98 billion from the revenue collected in the last quarter was earned through taxation – which is 44.1 percent higher than the projected amount. It is also a 59.9 percent increase compared the corresponding period of last year

As per the quarterly report – the increase in revenue for the state in last quarter is attributed to the increment in taxes collected during the timeframe such as GST, TGST, Green Tax and Departure Tax.

Non-tax revenue totaled up to MVR 1.31 billion in this last quarter – which is 72.4 percent higher than the projected amount. It is also a 44.7 percent increase compared to the corresponding period of last year.

The quarterly report states that the increment is mainly attributed to the receipt of Lease Period Extension Fee and Land Acquisition and Conversion Fee from newly leased islands.