MIRA registers first ‘decent’ revenue since pandemic outbreak

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Maldives Inland Revenue Authority (MIRA) the first upward movement in revenue stream since Covid-19 pandemic outbreak in Maldives.

While the previous months registered decrements in earnings in comparison with their corresponding months of 2019, August saw a different movement.

Moreover, MIRA reports state revenue for August 2020 stood at MVR1.71 billion.

Additionally, from the total earnings to state 21.67 million came from US Dollar.

The taxation and revenue authority reports a 97.6% increment of earnings for review month in comparison with same period of last year.

Meanwhile, MIRA claims this is due to many of the tax deadlines deferred to the review month.

Extended deadlines include the due for Bank Profit Tax, GST for second quarter.

Moreover, it includes BPT Final Return and Income Tax first Interim Payment.

In 2019, most of these deadlines fell to earlier months giving the upward movement for the review month.

Furthermore, lease period extension fee payments had also come in during August.

Revenue composition shows MVR1,562.9 million from tax sources, and remaining MVR142.7 million from non-tax sources.

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