Revenue figures reveal economic impact of change in lease extension policy
05 Apr 2012, 5:36 PM
Daniel Bosley
The Maldives Inland Revenue Authority (MIRA) released figures earlier this week showing the extent to which the change in island lease payments has affected the Maldivian economy.
According to MIRA’s figures, the total revenue projected for March was Rf1044 million [US$ 68 million], but had received 37.9 percent lower than the projected revenue “mainly due to the unrealised revenue from the Lease Extension Period.”
MIRA had anticipated to receive a total of Rf375 million [US$ 24 million] for lease extensions – however, due to government’s recent decision to accept resort island’s lease extension payments in installments – the income received dropped to nearly Rf23 million (US$1.5 million).
These figures were published the same week that the International Monetary Fund (IMF) warned the People’s Majlis that drastic measures must be made to reduce the government’s budget deficit. At the same time, the government announced that it was promoting a third of the police force and paying two years of allowances to defence personnel.
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