Tax authority reports fall in revenues for April
Tax receipts fell 19.9 percent below forecasts in April, the Maldives Inland Revenue Authority has said. Some MVR887.3million (US$57.5million) was collected last month.
15 May 2016, 9:00 AM
Tax receipts fell 19.9 percent below forecasts in April, the Maldives Inland Revenue Authority has said. Some MVR887.3million (US$57.5million) was collected last month.
MIRA blamed the drop partly on payment delays by taxpayers and the extension of a deadline for Business Profit Tax to May. Tax receipts had registered a 5.6percent decline compared to the same month last year.
Goods and Services Tax was the biggest contributor to revenues in April.
The fall in TGST or Tourism sector GST, as compared to last year, appears to indicate a slowdown in tourism. But figures for tourist arrivals have not been published yet.
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