MIRA collects MVR 2.32 billion as tax revenue in June

Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 2.32 billion as total revenue in the month of June.  

The monthly revenue collection report published by MIRA on Thursday shows the total revenue collected in June 2022 was 95.1 percent higher than the revenue collected in June 2021, and was 74.1 percent higher the projected revenue for the month.

MIRA attributed the rise in revenue in June to the increment in Income Tax collection; mainly Bank Income Tax and Corporate Income Tax.

Meanwhile, tourist arrivals in May 2022 increased by 94.3 percent compared to May 2021, which led to a favorable outcome for TGST, Green Tax and Airport Taxes and Fees. Additionally, acquisition cost for the newly leased islands from the government, and Tourism Administration Fee were received in July 2022, which collectively led to a higher revenue.

The biggest contribution to revenue in June came from Income Tax. MIRA collected MVR 846.62 million in Income Tax, which contributed to 36.5 percent of total revenue. 

Top revenue contributors:

• Income Tax: MVR 846.62 million (36.5 percent)
• GST: MVR 607.18 million (26.2 percent)
• Tourism Land Rent: MVR 418.56 million (18 percent)
• Land Acquisition and Conversion Fee: MVR 154.57 million (6.7 percent)
• Green Tax: MVR 70.83 million (3.1 percent)
• Other taxes and fees: MVR 222.54 million (9.6 percent)

The MVR 2.32 billion in revenue collected in October includes USD 81.45 million.