Malé, Maldives – Maldives Inland Revenue Authority (MIRA) announced on Thursday that the total revenue collected in June 2022 is at MBR 2.32 billion, a tremendous 95.1 percent higher value compared to June 2021.
June 2022 revenue increased by 74.1% compare to the projection the month … tourist arrivals also increased by 23%, compared to the forecasted arrivals which is reflected in revenue.MIRA
Revenue collection surpassed the forecasted revenue, mainly due to the significant increment in Corporate Income Tax and Bank Income Tax.
Compared to the reported final liability for the tax year 2020, the final liability reported for the tax year 2021 had increased more than the forecasted tax.
MIRA reports that the revenue of June 2022 is significantly higher, due to the increment in Income tax collection; mainly Bank Income Tax and Corporate Income, compared to June 2021. Additionally, the tax collection deadlines of June 2021 were extended to July 2021 due to the extended Eid holidays.
Tourist Arrivals in May 2022 also increased by 94.3% compared to May 2021, leading to a favourable outcome for TGST, Green Tax and Airport Taxes and Fees. Further, acquisition costs for the newly leased islands from the government, and Tourism Administration Fee were received in July 2022, which collectively led to higher revenue.
With revenue at MVR 2.32 billion, the highest portion of the total income for June 2022 consisted of income tax, making up 36.5 percent of the total revenue. The remaining tax incomes consisted of GST making up 26.2 percent, tourism land rent at 18 percent, land acquisition and conversion fee at 6.7 percent, green tax at 3.1 percent and others making up 9.6 percent of the total tax collected.
Tourism land rend and TGST makes up a significant portion of USD revenue. The total USD revenue collected for June 2022 is USD 81.45 million.