The revenue collected by the Maldives Inland Revenue Authority (MIRA) increased by 24.6% in October this year compared to the same period last year.
The tax authority received USD81 million in October this year, which is 24.6% higher than the same period last year, according to the revenue report released by the MIRA. The amount is also 28.5% higher than the projected amount for October this year.
As per MIRA, the revenue of October 2022 is higher, mainly due to the increment in the collection of Goods and Services Tax (GST), Income Tax, Tourism Land Rent, Airport Development Fee, and Airport Service Charge. MIRA noted airport taxes and fees collection has increased with the change in the tax rate based on flying class adding however, it is notable that tourist arrivals in September decreased by 2.5% compared to the corresponding month of 2021 and projection which led to a decrement in bed nights as well.
MIRA revealed the revenue collection surpassed the forecasted revenue, mainly due to the significant increment in the collection of Tourism Goods and Services Tax (TGST), Tourism Land Rent, Airport Development Fee, Airport Service Charge, and Green Tax. Tourism Land Rent collection shows a significant increase this year as the deadline for Tourism Land Rent for the 4th Quarter had been deferred to October 2022 since the deadline fell into a public holiday, stated MIRA. The top revenue contributor in October is GST with 57.4% of the revenue followed by Income Tax with 10.3% of revenue.