Maldives Inland Revenue Authority (MIRA) has recorded four percent more than the estimated revenue this year Second Quarter.
Statistics publicized yesterday showed that during the period from April to June 2012, MIRA collected MVR1.4 billion as State revenue, which is an increase of 16.8% compared to the corresponding period of 2011 (MVR1.2 billion).
MIRA explained that the increase is mainly attributable to the increase in revenue from Tourism Sector GST (from MVR246.3 million to MVR382.7 million) which is partially explained by the higher GST rate of 6% this year (3.5% in 2011). The introduction of GST to the non-tourism sector also contributed significantly to the increased collection. MIRA collected MVR263.3million as Non-tourism Sector GST during the quarter.
The second quarter generated MVR80.6 million as Business Profit Tax (including Withholding Tax). Revenue received from Resident Permit increased by 993.7% (from MVR 3.6 million to MVR42.5 million) – this is explained by the fact that MIRA started collection of Resident Permit only from mid June 2011. In addition, due to an increase in sale of land, the Land Sales Tax increased by 122.6% (to MVR4.6 million) during the quarter.
Statistic shows that in this quarter GST, Tourism Tax and Tourism Land Rent did not generate as much revenue as estimated. But there is a significant positive variance in Withholding Tax and Airport Service Charge compared to the projected revenue for the period.
The main revenue contributors for the quarter are Tourism Sector GST, Non-tourism Sector GST, Tourism Land Rent and Tourism Tax, which contributed 26.4%, 18.2%,15.9%, and 13.9% respectively.
Statistics shows that past six months MIRA collected MVR1.4 billion as State revenue, which is an increase of 59.1%compared to the corresponding period of 2011.