MIRA's Revenue for the first quarter of 2011 has increased by 59% and US Dollar revenue has increase by 72%.

 

MIRA received a total revenue of MVR947 million for the first quarter of 2011. This is 59% more than what was received last year for the same period and 21% more than the estimated revenue for the period. This revenue includes a total of MVR407 million received in March 2011 alone. The revenue for the first quarter of 2011 also consists more than US$67 million which is 72% more than the US Dollar revenue received last year for the same period. In March 2011 alone, MIRA received over US$30 million.

In February 2011, although the month is 3 days less than that of January, MIRA received a total revenue of US$6.6 million as Tourism Goods and Services Tax (T-GST). The T-GST revenue for February dropped by 8% which was expected due to the fall in the prices of beds and services sold by the Tourism Industry. Starting 01 January 2011, all tourist establishments and service providers stated in the T-GST Act are required to file their monthly Tax Return and pay tax on or before the 28th day of the subsequent month.

Similar to what was received during the first quarter of last year, revenues are expected from certain revenue codes which are yet to be realized. MIRA received MVR17 million less than that of the first quarter of last year from MVR revenue codes such as long term Agricultural Leased Island Rent, Company Registration Fees, Company Annual Fees and Airport service charge, and from US Dollar revenue codes such as Fuel re-export Royalty and Yellowfin Tuna Export Royalty. MIRA continues its effort towards enforced collection.

MIRA receives revenue from MVR revenue codes such as Commercial Land Rent, Bank Profit Tax, sale of Revenue Stamps as well as Vehicle and Vessel Fees. US Dollar revenue codes through which MIRA receives revenue includes taxes, royalties and fees such as Resort Lease Rent, Resort Land Rent, Tourism Tax and T-GST.

22 Apr 11