Government revenue increases in first half of 2016
The Maldives Inland Revenue Authority collected MVR6.5 billion (US$421 million) in the first five months of 2016, an increase of 13 percent compared to the same period last year.
14 Jun 2016, 9:00 AM
The Maldives Inland Revenue Authority collected MVR6.5 billion (US$421 million) in the first five months of 2016, an increase of 13 percent compared to the same period last year.
“In addition to this, MVR 312 million [US$20 million] was collected as Bank Profit Tax, which has to be paid on July every year.
“As the deadline for submission of the 2015 [Business Profit Tax] return and making payments 30 April 2016 falls on a holiday, deadline extension to 2 May 2016 is also one of the reason for the increase in revenue collected during May,” the tax authority explained.
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