MVR 1.41b collected as tax revenue in September; 29% lower than last year

Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 1.41 billion as total revenue in the month of September, a figure lower than the tax revenue collected during the same period last year.

The monthly revenue collection report published by MIRA on Monday shows the total revenue collected in September 2022 was 29 percent lower than the revenue collected in September 2021, but 11 percent higher than the projected revenue for the month.

MIRA attributed the fall in tax revenue to a decrement in collection of Income Tax and Tourism Land Rent.

The deadline for the submission of First Interim Income Tax Payment for 2021 was deferred to September 2021. However, no such deadline extension was granted this year, resulting in the collection of Income Tax being lower.

Meanwhile, the Tourism Land Rent collection was significantly lower in September 2022 as the deadline of Tourism Land Rent for Q4 2022 was deferred to October 2022, as the deadline fell to a public holiday.

While the tax revenue collected in September 2022 had been lower than the same period last year, it had been higher than the forecasted revenue.

MIRA said the revenue collection surpassed the forecasted revenue, mainly due to the significant increment in collection of Non-Resident Withholding Tax, Corporate Income Tax, TGST and GGST.

The biggest contribution to revenue in September came from GST. MIRA collected MVR 640.93 million in GST, which contributed to 45.6 percent of total revenue.

Top revenue contributors:

• GST: MVR 640.93 million (45.6 percent)
• Tourism Land Rent: MVR 297.63 million (21.2 percent)
• Income Tax: MVR 149.30 million (10.6 percent)
• Green Tax: MVR 77.69 million (5.5 percent)
• Airport Development Fee: MVR 66.26 million (4.7 percent)
• Other taxes and fees: MVR 174.84 million (12.4 percent)

The MVR 1.41 billion in revenue collected in September includes USD 59.12 million.