MIRA Reports Significant Revenue Growth, Achieving MVR 1.71 Billion in May

MIRA, the Maldives Inland Revenue Authority, reported a total revenue of MVR 1.71 billion for the month of May 2023, indicating a significant increase of 30.4% compared to the same period last year. Furthermore, this figure surpassed the forecast for May 2023 by 1.8%.

According to MIRA, the notable surge in revenue during May 2023, as opposed to May 2022, can be primarily attributed to higher collections from Goods and Services Tax (GST), corporate and non-individual income tax, airport development fees, and departure taxes. This upswing in GST revenue was primarily influenced by the change in the GST rate. Additionally, revenue from Tourism Goods and Services Tax (TGST) and airport taxes and fees experienced a growth of 13.1%, aligning with the 13.1% increase in tourist arrivals compared to April. Furthermore, the early payment of 2022 income tax by some taxpayers contributed to the rise in corporate and non-individual income tax receipts. It is worth noting that the deadline for filing and paying the final 2022 income tax return is July 2.

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The surplus in revenue for May 2023, exceeding the projected amount, was primarily driven by higher-than-anticipated collections from corporate and non-individual income taxes, as well as airport taxes and fees. Revenue from TGST and airport taxes and fees rose by 3.6%, in line with the 3.6% growth in tourist arrivals as compared to the forecast. Additionally, the early payment of taxes by certain taxpayers ahead of the 2022 income tax deadline resulted in a higher-than-expected revenue for May 2023, as reported by MIRA.

In May 2023, the largest share of revenue received by MIRA was attributed to GST, accounting for 63.59% or MVR 1.09 billion. Income tax followed as the second-largest revenue source, contributing 12.41% or MVR 212.43 million. Furthermore, revenue generated from airport development fees amounted to MVR 114.34 million (6.68%), departure taxes accounted for MVR 101.20 million (5.91%), green taxes reached MVR 83.10 million (4.85%), and other taxes and fees totalled MVR 112.17 million (6.55%).

It is important to note that the revenue recorded in May 2023 also includes USD 72.78 million.

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