Maldives Inland Revenue Authority (MIRA) has revealed the revenue received by the Maldives is more than the estimated amount.
The latest statistics published by MIRA showed that the Maldives received USD90.6 million in September 2022 which was 11% higher than the estimated amount. However, the amount is 29% lower than the revenue received in September last year. MIRA revealed the main reason for the higher revenue than the estimated amount was due to the large sums received as Non-Resident Withholding Tax (NRA), Corporate Income Tax (CIT), and the Goods and Services Tax (GST).
However, MIRA said the decline in revenue in September this year compared to the same month of last year was mainly due to lower revenue received from Income Tax and Tourism Land Rent. The decline in Income Tax revenue was due to the postponement of the deadline for filing the first interim statement.
Furthermore, MIRA said that GST accounted for the largest share of revenue in September this year and the next largest income was from Tourism Land Rent which stood at USD19.3 million. In addition, Lease Income Tax of USD9.7 million, Green Tax of USD5 million, Airport Development Fee of USD4.3 million, and other taxes and fees totalled up to USD11.3 million received by the Maldives.