Maldives Inland Revenue Authority (MIRA) has collected nearly USD 222.5 million during the fourth quarter of 2018.
Figures released by MIRA show the revenue collected in the fourth quarter surpassed the revenue collected in the corresponding quarter of 2017 by 4.5 percent. It also exceeded the projections for the period by 3.8 percent.
MIRA attributed the favourable outcome of the fourth quarter to increment in revenue collected through Goods and Services Tax (GST) from both tourism and general sector, Green Tax, Withholding Tax, Construction Period Extension Fee, and Land Acquisition and Conversion Fee, along with Airport Development Fee.
MIRA further stated the quarterly revenue exceeded the forecasted revenue due to the growth observed for Tourism Goods and Services Tax (TGST), Land Acquisition and Conversion Fee, and Construction Period Extension Fee.
In the fourth quarter, MIRA also collected over USD 161.858 million as tax, which is a 7.9 percent increase compared to the corresponding quarter of 2017.
Meanwhile, revenue collected through other means in the fourth quarter stood at USD 61.26 million, which is a 3.4 percent increase compared to the fourth quarter of 2017.