Collected revenue until end of May is MVR 1.14 billion

MIRA has collected MVR 1.14 billion as revenue in May 2016. This amount is 19.6% more than the amount collected in May 2015. Also it is 50.8% more than the projection for May.  The amount collected in May 2016 includes $32.9 million received as revenue.

GST collection in May increased as the taxpayers liable to pay TGST by end of April made payments during the first week of May, which is one of the main reasons for the increase in revenue collection during May. In addition to this, MVR 312 million was collected as Bank Profit Tax, which has to be paid on July every year. As the deadline for submission of the 2015 BPT return and making payments 30 April 2016 falls on a holiday, deadline extension to 2 May 2016 is also one of the reason for the increase in revenue collected during May.

GST contributed the most revenue in May 2016, with 48.3% (MVR 550.8 Million) of the total revenue. It is followed by Bank Profit Tax with 27.4% (MVR 312 Million) of the total revenue. Additionally, Business Profit Tax accounted for 6.6% (MVR 75.1 Million) and Green Tax at 4.9% (MVR 56.3 Million) and Airport Service Charge at 3.7% (MVR 42.2 Million) of the total revenue.

The revenue collection by MIRA till end of May 2016 has increase by 13.1% compared to the same period of last year. MIRA has collected MVR 6.35 billion Rufiyaa as revenue for first five months of this year. GST contributed the most revenue received till end of May with 45.1%, followed by BPT with 17.5%.

 

Related documents

https://www.mira.gov.mv/reports/May2016.pdf

12 Jun 16