MIRA revenue collection in May increases 59.9 percent

Total revenue collected by the Maldives Inland Revenue Authority (MIRA) in May increased 59.9 percent compared to the same period last year.

According to MIRA’s monthly revenue collection report, government income in May reached MVR800.9 million (US$38.7 million), which was also 5.9 percent higher than the forecast for the month.

“Pursuant to the fourth amendment to the Tourism Act, the majority of the first instalment of the Lease Period Extension Fee was paid in May 2014,” the report explained.

“This is a one-time fee spread over eight quarterly instalments starting from May 2014 and was not collected in May 2013.”

In February, parliament passed an amendment to the Tourism Act requiring the lease period extension fee to be paid within two years as part of the current administration’s revenue raising measures.