MIRA collects MVR 2.65 billion as tax revenue in July

Maldives Inland Revenue Authority (MIRA) headquarters. (File Photo/Sun/Fayaz Moosa)

Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 2.65 billion as total revenue in the month of July.  

The monthly revenue collection report published by MIRA on Thursday shows the total revenue collected in July 2022 was 311.8 percent higher than the revenue collected in June 2021, and was 84.1 percent higher the projected revenue for the month.

MIRA attributed the rise in revenue in July 2022 to increment in collection of Income Tax; mainly Corporate Income Tax and Bank Income Tax.

Another reason MIRA attributed the increase in revenue collected in July 2022 is the 97.4 percent higher tourist arrival rate compared to July 2021.

The biggest contribution to revenue in July came from Income Tax. MIRA collected MVR 1.29 billion in Income Tax, which contributed to 48.6 percent of total revenue. 

GST (21.8 percent), Lease Period Extension Fee (20.2 percent), Green Tax (2.3 percent), Airport Development Fee (2.0 percent) and other taxes (5.1 percent) are the five other biggest contributors to revenue respectively.

The MVR 2.65 billion in revenue collected in October includes USD 79.60 million.