Maldives Inland Revenue Authority (MIRA) has announced that it collected MVR 2.65 billion as tax revenue during the month of July 2022.
According to MIRA’s monthly revenue collection report, total income received in July was 84.1 percent higher than the expected revenue for the month, and 311.8 percent percent higher than revenue collected during the same period last year.
MIRA attributed the rise in revenue in July 2022 to increments in collection of Income Tax — mainly Corporate Income Tax and Bank Income Tax — as well as the 97.4 percent higher tourist arrival rate compared to July 2021.
The most significant contributions to MIRA’s tax revenue came from Income Tax, which contributed 48.6 percent of the total revenue. Other major contributors include 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).
The MVR 2.65 billion in revenue collected in July is inclusive of USD 79.60 million.