Revenue collection in February 17 percent below forecast, reveals MIRA


The Maldives Inland Revenue Authority (MIRA) collected MVR905.7 million in February, 84.7 percent more than previous month but 17.6 percent below income forecasts.

MIRA explained in a press statement last week that income from Tourism Goods and Service Tax (T-GST) increased by 32.7 % following a T-GST hike from eight to 12 percent in November whist GST revenue also increased by 18.9 percent.

Revenue from Business Profit Tax (BPT) meanwhile rose 232 percent from January as the deadline for the second interim payment was moved to February 1 as January 31 fell on a weekend.

“The collection for February 2015 is 17.6 percent less than the forecasted amount for this month,” MIRA noted.

“The reasons for this includes the decrease in tourism related revenues by 17 percent as tourist arrivals did not meet expectations, and the collection of GST in March as the deadline was moved to 1 March because 28 February fell on a weekend.”

A total of MVR190.17 million was also collected as lease period extension fees from resorts whilst tourism lease rent amounted to MVR34.42 million.

The total revenue collected in the first two months of January amounted to MVR2.45 billion, 36.2 percent higher than the same period last year.