The total revenue collection by Maldives Inland Revenue Authority (MIRA) during the first quarter of 2019 has reached MVR4.93 billion.
This is however, a 1.3% drop from the total revenue collected during the first quarter of 2018 – in which MIRA reported collections at MVR5.00 billion. Additionally, the revenue collection of the quarter in review is also 3.1% below the projection for the quarter.
The decline in revenue during the first quarter of 2019 compared to the same quarter of 2018 was observed mainly for Business Profit Tax (BPT), Tourism Goods and Services Tax (TGST), Green Tax and Land Acquisition and Conversion Fee. These taxes observed non-payment and non-filing during the quarter.
In addition to this, no islands were leased during the quarter which had resulted in the revenue decrement.
The Tourism Land Rent decreased mostly due to non or delayed payments, which resulted in the final figures coming against the initial forecasts.
Tax revenues collected during the first quarter reached MVR3.91 billion which was a 2.4% drop compared to the tax revenue collection in Q1 2018. Additionally, the tax revenue collection during the quarter in review also fell below 4.1% from the initial projections.
Non-tax revenue collection in Q1 2019 reached MVR1.02 billion which is a 3.4% increase from the non-tax revenue collection during Q1 2018. The non-tax revenue collection during the quarter in review also a 0.9% increase from initial projections.
The only tax revenue sources to increase during first quarter of 2019 are Airport Service Charge and Withholding Tax. As for non-tax revenues, an increment of MVR33.46 million was observed during Q1 2019 compared to the first quarter of 2018.
The top revenue contributors for the period has been Goods and Services Tax (GST) with collections over MVR2.33 billion, which is 47.1% of the total revenue share while Business Profit Tax (BPT) collections crossed MVR1.10 billion which is 22.4% of the total revenue composition.
Tourism Land Rent collection was the third highest revenue contributor with collections reaching MVR419.18 million and took up 8.5% of the total revenue collection. Green Tax collection during the period was at MVR241.16 million which translates to 4.9% of the total revenue composition.
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