Maldives Inland Revenue Authority (MIRA) has recorded a revenue of USD84 million in August this year which is an increase of 3.6% compared to last year. The amount is also a 5.9% increase compared to the projected revenue for August this year.
MIRA revealed revenue for August 2022 is significantly higher, largely due to the increment in the collection of Tourism Goods and Services Tax (TGST), Airport Development Fee, and Airport Service Charge. Tourist arrivals in July increased by 31.2% compared to July 2021, which led to the favourable outcome for TGST and Airport Taxes and Fees, according to MIRA.
Furthermore, the receipt of USD5 million as the Lease Period Extension Fee (LPEF) also contributed to the comparative increment in revenue, MIRA said. The tax authority said Goods and Services Tax (GST) contributed to the largest share in revenue collected by MIRA with a total of 48.7% of revenue which amounts to USD41.9 million.