A Quick Glance At The Snapshot Statistic on GST and BPT Reported by MIRA For The Year 2019
Yesterday, local taxation authority, Maldives Inland Revenue Authority (MIRA) published Snapshot Statistics on Goods and Services Tax (GST) and Business Profit Tax (BPT) for the year 2019. It compromises details of industries accounting the highest number of BPT collection in 2019 and the percentage of reported GST liability categorized by atolls.
According to the shared statistics, the grand total of BPT collected by the Authority for the aforesaid period amounts to MVR 2,379,047,963. To no surprise, we have tourism industry coming in first as the largest contributor of BPT amounting to MVR 905,511,215 dominating 38% of the grand total. The industry of Wholesale & Retail Trade; Repair of Motor Vehicles and Motorcycles comes in second dominating 15.70% by a total of MVR 372,923, 043. Information and Communication Industry follows close with Transportation and Storage industry dominating 11.90% and 10.90% respectively accounting to MVR 282,663370 and MVR 260,162,562. Coming in the last of the top five is the Construction industry accounting for just 3.90% totaling up to MVR 92,078, 526.
The grand amount collected by the Authority for the said period as GST across the nation amounts to MVR 7,871,858, 587 inclusive of general sectors and tourism sector. Male’ City dominates 38.0% of this by MVR 2,988,582,908. The capital, Kaafu Atoll comes second with 24.5% amounting to MVR 1,925,503,684. Baa Atoll comes the closest next but with a significant decrease to mere 6.4% amounting to 502,554,863.
MIRA expects to see decrease in GST and BPT nationwide for the year 2020 due the economic impacts of the coronavirus pandemic.