MIRA has collected USD104 million as revenue in June, which is an increment of 42.9% compared to the projected amount. However, the amount is a decrement of 31.7% compared to the same month last year.
In June 2023, Income Tax accounted for the largest share of revenue with USD39 million while the next largest revenue was from GST with USD31 million. In addition, MIRA collected USD15 million as Tourism Land Rent, USD4.5 million as airport Service Charges, and USD11 million as other taxes and fees. Out of the revenue collected in May 2023, USD48 million constitutes the dollar collection.
The monthly revenue collection report shows that the 31.7% decrement in revenue in June 2023 is mainly due to the decrement in the collection of Income Tax and Tourism Land Rent. The deadline for the submission of the Income Tax return and final payment deadline for tax year 2022 had been deferred to July, thus the collection of Income Tax had declined. Similarly, as the initial deadline of Tourism Land Rent for the third quarter was a public holiday, the deadline has been deferred to July 2, which led to a significant decrement in collection compared to June 2022.
However, the revenue collection surpassed the projected revenue by 42.9% mainly due to the increment in Corporate Income Tax, Bank Income Tax, Tourism Land Rent, and Goods and Services Tax (GST). The payment deadline for the taxes was extended to the first week of July, which was accounted in the projection. Despite the deadline extension, payments were received by the initial deadline, which led to an increment in revenue of June compared to the projection.