Maldives tax receipts rise for Q1

Maldives tax receipts rise for Q1
May 03 16:00 2018

The Maldives Inland Revenue Authority collected MVR4.99 billion (US$318.4 million) in the first quarter of 2018, an increase of 18 percent compared to the same period last year.

It surpassed the projected increase by 9.5 percent, said the quarterly report published Wednesday.

GST contributed 48.3 percent of the total revenue from January to March, followed by 22.2 percent from business profit tax.

The majority of GST collected – 68 percent – was from the tourism sector which represents a 17.4 percent increase from last year.

The report said this spike was due to a boost in tourist arrivals, as well as the collection of money owed. There was also a 30.2 percent growth in green tax revenue to MVR59.47 million.

Airport development fees were the highest non-tax source of revenue for the government.

It is estimated MVR3.39 billion will be collected in the second quarter.

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