Revenues for June lower than expected: MIRA

A fall in GST revenue and tourism land rents is to blame for lower than expected revenues in June, the Maldives Inland Revenue Authority (MIRA) has said.

Revenues for June 2012 still increased 11 percent on the corresponding period for 2011, however this was 10 percent lower than projected, MIRA stated, partly due to a shift in payment deadline to July 1 for the land rents.

Total revenue collected for 2012 so far is Rf 3.5 billion (US$227 million), MIRA said in its June report, a 59.1 percent increase for the same period in 2011.

31.5 percent of the total revenue was received from Tourism Land Rent, whilst 15.2 percent, 12.5 percent and 12.5 percent represents revenue collected from GST (Tourism Sector), Bank Profit Tax and GST (Non-tourism Sector) respectively.

MIRA’s collection accounts for most of the government’s revenue, aside from the import duties that were not phased out with the introduction of the Tourism Goods and Services Tax (TGST).