Business

Maldives tax authority collects MVR1 billion in August

The Maldives Inland Revenue Authority collected MVR1 billion (US$65 million) in August, 17 percent higher than forecast but marginally below revenue collection in August last year.

“As a result of 10.1% growth in tourist arrivals compared to the corresponding period of 2017, receipt of tourism-related revenues were higher-than-expected,” MIRA explained in its monthly report released Wednesday.

“Along with this, Lease Period Extension Fee to extend the lease period to 99 years was also received in August 2018, which collectively led to a significant increment compared to projection. However, compared to August 2017, a slight decrement was recorded since a substantial payment towards a newly leased island was received in 2017.”

Goods and services and business profit taxes accounted for just over half of total revenue, followed by lease period extension fee (12 percent), green tax (7.6 percent) and airport development fee (6.2 percent).

With US$216 million so far in 2018, tourism T-GST made up a 29 percent share of total revenue during the first eight months. The figure was US$183 million in the same period last year.

General GST accounted for 45 percent, BPT and withholding tax for 21 percent, and fees and charges for 19 percent.

In addition to tax revenue, the Maldives Customs Service collected MV280 million as import duties and other fees in August, up 14 percent from the corresponding period last year.

Goods worth MVR4.1 billion were imported during August, an increase of 33 percent from last year.

The top importing countries were China (19 percent) and United Arab Emirates (18 percent).

The main exports of the Maldives are fish products such as frozen skipjack tuna.

“The largest quantity of the exports was to Germany which is 20% of the total exports for the month of August,” according to customs.

Full details are available at the link below:

Source URL:  Maldives Independent

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