Tax authority collects MVR1.2bn in March

 

The country’s tax authority collected MVR1.27 billion (US$82 million) in March, up 29 percent from the same period last year.

The Maldives Inland Revenue Authority noted that revenue was 18.8 percent above forecasts thanks to higher tourism goods and services tax (T-GST) receipts following a hike from eight to 12 percent in November.

Revenue also rose from tourist lease rent and the general GST.

A portion of GST payments from February was also collected in March as February 28 fell on a weekend and the deadline was moved to March 1.

Fines collected last month were also nine times higher than March 2014, while payments for resort lease period extension fees also contributed to the revenue growth.

The extension fees were not collected in the corresponding period last year.

GST payments accounted for 58 percent of total revenue collected in March 2015, followed by tourism land rent (22.3 percent), airport service charge (4.2 percent), business profit tax (3.9 percent), and lease period extension fees (3.6 percent).