May revenue rises above forecasts

Revenue collected by the tax authority in May rose 10.6 percent above forecasts, although it was 14.6 percent less than last May’s revenue.

A monthly report, published by the Maldives Inland Revenue Authority on Saturday, shows MVR1 billion was collected in May 2018 compared to the MVR1.2 billion from last May.

Revenue fell because banks have yet to pay their profit tax, MIRA said, pointing out that the deadline for settling bank taxes falls in July. Most banks settled their profit taxes in May in 2017.

Just MVR99 million was collected as bank profit tax in May 2018, compared to the MVR317 million collected last May.

More than half – 58.2 percent – of the revenue for last month came from goods and services tax, which saw a two percent increase from last May.

More than MVR220 million was collected from general goods taxes, while close to MVR400 million was collected from tourism goods and services.

Around MVR114 million was collected from airport service charges and airport development fees.