Business Society & Culture Tax

Thanks to Income Tax, Government Revenue Collection Reaches MVR 843 Million in September

Maldives Inland Revenue Authority (MIRA) has revealed that the total revenue collection for the month of September was MVR 843.04 million or USD 6.74 million. This is a decrease of 30.9% compared to September 2019.

The biggest contributor to the month’s revenue was income tax (45.7%). This is followed by GST (25.8%), Business Profit Tax (17.8%), Residential Permit (2.5%) and Zakat al-mal (1.3%).

According to MIRA, the decrease in September’s statistics is due to the pandemic, which caused a significant downturn in tourism industry activities. The tax received from the tourism industry had decreased significantly.

In August 2020, MIRA collected MVR 1.71 billion as revenue, an increment of 97.6% compared to the same period last year. One of the reasons behind the increment is due to the deadline for the submission and payment of the Income Tax First Interim fell during August 2020. The second reason behind the increment is due to receiving lease period extension fees to extend the lease period to 99 years during August 2020.

Full details are available at the link below:

Source URL: Corporate Maldives

Leave a Reply

avatar

This site uses Akismet to reduce spam. Learn how your comment data is processed.

  Subscribe  
Notify of