News in brief: tax revenue and new broadcasting commissioners
The president nominated six individuals for the broadcasting regulator.
12 Nov 2019, 9:00 AM
Tax revenue declined in October
Revenue of MVR928 million (US$60 million) collected by the Maldives Inland Revenue Authority in October was 10 percent lower than the same period last year.
Revenue was 6.8 percent above forecasts but proceeds from goods and services tax, business profit tax and green tax “declined significantly due to observed non-payment by deadline from taxpayers,” MIRA explained in its monthly report.
“Additionally, one-off payments were received towards Land Acquisition and Conversion Fee in October 2018, whereas only subsequent payments were received in October 2019. Similarly, major tax revenues decreased in comparison to projection. However, due to the receipt of late payments of Tourism Land Rent from past deadlines, which was not accounted for in projection, Octoberʼs revenue is higher than forecasted revenue for the month.”
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