Total revenue collection hit MVR3.65b in Q4-2019

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The quarterly revenue collection summed up to MVR3.65 billion in the final quarter of 2019 according to Maldives Inland Revenue Authority (MIRA).

This marked an increment compared to the corresponding quarter in 2018 by 5.8% and as for the forecast for the review quarter it marked an increase of 23.2%.

The significant bump was reflected from the increment in the Airport Service Charge, Airport Development Fee and Tourism Land Rent. In addition to this the revenue from Lease Period Extension Fee and Corporate Social Responsibility Fee posted a positive effect on the overall revenue collection.

The tourism industry witnessed an up trend in arrivals, resulting in the increment in the collections of TGST (Tourism Goods and Services Tax) as well as Green Tax – which were higher in the last quarter of 2019 compared to the same quarter in 2018.

Meanwhile, out of the total collection, MIRA received MVR2.50 billion in tax revenues.

The tax revenue collection for the review period marked a -0.3% drop from the corresponding quarter in 2018. However, with regards to forecasts for the period the collection showed an increment by 11.0%.

As for non-tax revenues, MIRA collected a total of MVR1.15 billion in the fourth quarter of the previous year. This marked a 21.7% increase from the same quarter in 2018, and a significant 61.5% increment from forecasts for the review period.

Tax revenue streams such as Green Tax, TGST, Airport Service Charge, Remittance Tax and Withholding Tax increased in Q4 2019 compared to Q4 2018.

Furthermore, non-tax revenues observed increments of MVR205.72 million and MVR439.46 million compared to the same quarter in 2018 and the forecast for the review quarter, respectively.

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