MIRA: Revenue in July 12.8% higher than estimated

The tax authority, the Maldives Inland Revenue Authority (MIRA), has announced that it received 12.8 percent more revenue than anticipated in July.

MIRA reported revenues of MVR 3.39 billion and USD 105.85 million last month.

This represents an increase of MVR 460 million, or 15.4 percent, compared to the same period last year, according to MIRA.

Revenue surged last month due to a 15 percent increase in tourist arrivals in June, coupled with higher income tax, green tax, TGST, and airport taxes and fees, MIRA stated.

Additionally, the growth in revenues was significantly bolstered by increases in green taxes and TGST, implemented in January of this year, as well as hiked fees for airport departures and arrivals, which took effect in December.

According to MIRA data, the highest revenue streams were income tax, GST, green tax, airport development fees, taxes on departures, and fees for work permits for migrant workers.

In USD terms, the majority of revenue was generated from TGST, income tax, green taxes, airport development fees, taxes on departures, and land rent for tourism purposes, the agency reported.

MIRA's figures for July:

• MVR 3.03 billion in taxes

• MVR 1.66 billion in income tax, MVR 160 million in green tax, MVR 1.07 billion in GST, and MVR 1.81 million in other taxes

• MVR 355 million in non-tax

• MVR 149 million in airport development fees, MVR 2.02 million in business permits, MVR 7.22 million in penalties, MVR 17.1 million as land acquisition fees, and MVR 42.2 million as rent on land allotted for tourism purposes.