MIRA collects MVR 2.32 billion in tax revenue for June 2022

Maldives Inland Revenue Authority (MIRA) collected MVR 2.32 billion in tax revenue for June 2022.

MIRA revealed that this amount represented a 95.1 percent increase when compared to the tax revenue accumulated for the same period last year. Further, the authority confirmed that this was 74.1 percent increase than their estimates for the month of June 2022.

The steep increase in revenue recorded for June corresponds to an increased tax revenue collected by businesses and banks.

In addition to this, MIRA revealed that June 2021 showed a decrease in tax revenue collected due to the public holidays.

MIRA noted that the authority had been able to generate greater tax revenue following the revival of Maldives' tourism industry after the pandemic . As such, the authority noted there were increases in revenue generated from Tourism Goods and Services Tax, Green Tax and Airport Development Fee.

Most of June's tax revenue is reported from Income tax. As such statistics shows that the authority generated MVR 846.62 million from Income tax, which is 36.5 percent of the income generated during June.

The second greatest source of tax revenue for MIRA had been Goods and Services Tax, which contributed 26.2 percent or MVR 607.18 million to MIRA's earnings in June.

In addition to this, MVR 418.56 million was collected as Tourism Land Rent. This is 18 percent of the month's income.

While Land Acquisition and Conversion Fee contributes 6.7 percent of the month's earning, a total of MVR 154.57 million was generated as Land Acquisition and Conversion Fee during June 2022.

MIRA's statistics show that the authority collected MVR 70.83 million as Green Tax. As such, Green Tax contributes 3.1 percent of the months earnings.

Moreover, the authority highlights that MVR 222.54 million was recorded in other taxes and fee revenue.

The MVR 2.32 billion collected as revenue by MIRA in June 2022 also include USD 81.45 million.