Maldives tax revenues jump 41% in June

Tax revenue collection in the Maldives jumped 41 percent in June compared to the same period last year, figures published Monday show.

The Maldives Inland Revenue Authority collected MVR1.3 billion (US$84.3 million), representing an 18.5 percent rise from the forecast figure.

MIRA attributed the increase to a June deadline for settling taxes.

“The increment against June 2017 is due to the fact that in 2017 all tax deadlines were extended to July 2017 on the occasion of Eid al-fitr, while no such extensions were granted in June 2018,” it said.

“Additionally, compared to 2017, new resorts are in operation this year, which resulted in the significant increase in Tourism Land Rent, TGST (tourism goods and services tax) and Green Tax collected, leading to the favourable outcome against projection and the revenue of June 2017.”

The US dollar revenue collection for last month was US$49.9 million.

MIRA collected MVR4.99 billion in the first quarter of 2018 and estimates it will collect MVR3.39 billion in the second quarter.