Maldives Inland Revenue Authority (MIRA) has recorded a 16% increase in revenue compared with the expected revenue for the year.
MIRA received USD 65 million last month, according to statistics. MIRA attributes the 10.1% growth in tourist arrivals compared to the corresponding period of 2017 to the higher than expected revenue.
Similar to previous months, Goods and Services Tax (GST) recorded the biggest share of tax income with over USD 34.3 million, which made 52% of the total revenue. Meanwhile, MIRA received nearly USD 8 million from Business Profit Tax (BPT) and nearly USD 5 million as Lease Period Extension. Moreover, MIRA attained USD 38.5 million as state revenue during August, according to statistics.
However, MIRA stated compared to August 2017, a slight decrement was recorded since a substantial payment towards a newly leased island was received in 2017.