Maldives Inland Revenue Authority (MIRA) has recorded a revenue of USD172 million in July this year which is an increase of 84.1% from the projected revenue for the month. The amount is also recorded as an increment of 311.8% from July 2021.
MIRA revealed the revenue of July is significantly higher, largely due to the increment in the collection of Income Tax, mainly Corporate Income Tax and Bank Income Tax. MIRA also said the deadline for Goods and Services Tax (GST) and Green Tax that fell towards the end of July was extended due to the Eid holidays which collectively led to the comparative increment in collection when compared to July 2021.
Furthermore, receipt of USD35 million as Lease Period Extension Fee paid by seven parties also contributed to the comparative increment in revenue. The fee was not received in July 2021. Additionally, tourist arrivals in July 2022 increased by 97.4% compared to June 2021, which as per MIRA led to a favourable outcome for Tourism Goods and Services Tax (TGST), Airport Taxes and Fees, and Green Tax.