Maldives Inland Revenue Authority (MIRA) has revealed it gained a yearly revenue of USD 986.5 million in 2017 which is an increase of 4.2% compared to initial estimations. USD 946.9 million was the estimated revenue for 2017, according to the 2017 annual report of MIRA.
The tax authority attributed the increase in revenue to the increase in collection of Goods and Services Tax, Bank Profit Tax and due to rise in property transfer taxes and fees. In 2017, the revenue gained from property transfer taxes and fees increased up to 3% than expected, while revenue gained from Bank Profit Tax increased up to 2.25% than the estimated amount.
Meanwhile, revenue gained from Goods and Services Tax increased by 2.2% than the estimated amount.
MIRA is a fully autonomous body responsible for tax administration in the Maldives. MIRA collects about 75.6% of the total revenue collected by the government of Maldives.