MIRA collects MVR835.7 million in September

The Maldives Inland Revenue Authority (MIRA) collected MVR835.7 million (US$54 million) in taxes during September, 4.3 percent higher than the forecast income for the month.

MIRA explained in a press statement yesterday that the tax revenue was 24.4 percent higher than the same period in 2013.

While proceeds from tourism land rent accounted for MVR315.7 million (US$20 million), MIRA revealed that MVR302.7 million (US$19.6 million) was collected as GST (Goods and Services Tax).

As of the end of September, MIRA has collected a total of MVR9.01 billion (US$584 million), which represents a 26.3 percent increase from last year. A total of MVR8.9 billion (US$577 million) was collected by the end of 2013.

Despite record levels of government income, however, the Ministry of Finance and Treasury reduced recurrent expenditure by 20 percent this month in an effort to curb a growing budget deficit.