Maldives Inland Revenue Authority (MIRA) has revealed it collected over USD84 million as Income Tax in January 2023.
The monthly revenue collection report shows that MIRA collected USD220 million as revenue in January 2023 which is an increase of 43.1% compared to the same month of last year and also an increase of 43.6% compared to the forecast amount for January 2023.
MRA stated revenue of January 2023 is higher than January 2022, mainly due to the increment in the collection of Goods and Services Tax (GST), Corporate Income Tax, Airport Taxes and Fees, Tourism Land Rent, and Green Tax. Tourist arrivals in December 2022 were higher than in December 2021 by 12.0%, which led to an increment in tourism-related revenues, noted the tax authority.
Moreover, GST accounted for the largest share of revenue received by MIRA in January 2023 which is 47.7% of the total revenue or USD103 million. The next largest revenue was from Income Tax which is 38.1% or USD84 million. In addition, Green Tax amounted to USD6.5 million, Tourism Land Rent amounted to USD609,000, Airport Taxes and Fees amounted to USD577, and other taxes and fees amounted to USD12 million.
Meanwhile, USD112 million was collected in foreign currency in January 2023.