MIRA Collects MVR 1.24 Billion in Revenue During November 2021

MIRA has collected a revenue of MVR 1.24 billion in November 2021. This is an increase of 51.8% compared to projected revenue figure for the month, and an increase of 168.4% compared to the same period last year.

MIRA stated that the main reason for the increase in revenue in November 2021 was the increase in Income Tax, Tourism Land Rent, GST, Green Tax, and Airport Tax and Fees. According to MIRA, the number of tourists who visited the Maldives increased sevenfold in October 2021 compared to October 2020.

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MIRA noted that the number of tourist arrivals decreased due to COVID-19 in 2020. Furthermore, the revenue generated as lease period extension fee in November 2021 is the reason for the increase in revenue compared to the that of November 2020. The fee was not received in November 2020.

GST accounts for the largest share of the total revenue collected by MIRA in November 2021. This amounts to 62.2 percent, or MVR 773.23 million. The second biggest revenue was generated from Income Tax. This amounts to 6.5 percent, or MVR 80.99 million. In addition to this, MVR 76.60 million (6.2%) was collected as lease period extension fee, MVR 75.40 million (6.1%) as Green Tax, MVR 45.28 million (3.6%) as Airport Development Fee, and MVR 191.94 million (15.4%) as other taxes and fees.

The revenue collected in November 2021 included USD 51.31 million.

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