September 2021 revenue increase by 133.5 percent from last year

Taxpayer Service Center of MIRA | Photo: PSM

Malé, Maldives – Maldives Inland Revenue Authority (MIRA) reveals that the revenue collected for September 2021 is 133.5 percent compared to September 2020.

MIRA states that this is mainly due to the increment in collection of Income Tax, Tourism Land Rent, TGST, GGST, Green Tax and Airport Taxes and Fees. Receipt from Tourism Land Rent shows a significant increase since the deadline of Tourism Land Rent for 4th Quarter of 2020 was deferred but the payments were received according to the schedule in 2021.

In addition, the deadline for the submission of Income Tax 1st Interim Return and Payment for 2021 was also deferred to September 2021.

MIRA reports that the September 2021 revenue increased by 8.6% compared to forecasts for the duration.

The monthly revenue collection report states that income tax contributed to 37.6 percent of the total revenue for September 2021, while the GST collected was at 27.9 percent, tourism land tax at 20.7 percent, green tax 3.7 percent and airport development fee at 2.7 percent.

USD 63.45 was collected as dollar revenue. Dollar revenue contributions include tourism land rent (42.1 percent), TGST (36.4 percent) and green tax (7.4 percent) as the highest contributors.

The 2021 tax collection in September 2021 is higher than that of the past five years. Tax collections from 2017 to 2021 include MVR 1 billion collected in 2017, MVR 1.27 billion in 2018, MVR 1.22 billion in 2019, MVR 848 million in 2020 with MVR 1.98 billion in 2021.