MIRA collects MVR 1.25 billion as tax revenue in October

Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 1.25 billion as total revenue in the month of October, a figure higher than the tax revenue collected during the same period last year.

The monthly revenue collection report published by MIRA on Sunday shows the total revenue collected in October 2022 was 24.6 percent higher than the revenue collected in October 2021, and 28.5 percent higher than the projected revenue for the month.

MIRA attributed the increase in tax revenue to an increment in collection of GST, Income Tax, Tourism Land Rent, Airport Development Fee, and Airport Service Charge.

The collection of airport taxes and fees increased with the change in tax rates based on flying class.

Meanwhile, the deadline of Tourism Land Rent for Q4 2022 had been deferred to October 2022, as the deadline fell to a public holiday, resulting in a significant increase in Tourism Land Rent.

However, tourist arrivals in October 2022 decreased by 2.5 percent compared to October 2021.

The biggest contribution to revenue in October came from GST. MIRA collected MVR 716.47 million in GST, which contributed to 57.4 percent of total revenue.

Top revenue contributors:

• GST: MVR 716.47 million (57.4 percent)
• Income Tax: MVR 127.97 million (10.3 percent)
• Tourism Land Rent: MVR 100.51 million (8.1 percent)
• Airport Development Fee: MVR 67.98 million (5.4 percent)
• Airport Service Charge: MVR 64.67 million (5.2 percent)
• Other taxes and fees: MVR 170.71 million (13.7 percent)

The MVR 1.25 billion in revenue collected in October includes USD 46.57 million.