The Maldives Inland Revenue Authority (MIRA) has received USD 190 million in July last year, which is a 17.1% decrease compared to the same month the previous year. However, the revenue exceeded this year’s July forecast by 16.4%.
The latest statistics released by MIRA show that the decrease in revenue from June last year to this year is attributed to the postponement of Goods and Services Tax (GST) and income tax deadlines to July due to the Eid holiday in June last year. There was no such extensions made to the tax deadlines this year. The statistics show that the increase in revenue was driven by an increase in Tourism Goods and Services Tax (TGST) revenue, resulting from a 2.4% increase in tourist arrivals and the second interim pre-payment of bank income tax made by banks in July.
The statistic also shows that income tax was the largest contributor to the revenue received by MIRA in July this year, amounting to USD 91 million. GST followed as the second largest source with USD 63 million. In addition, USD 7.5 million was collected from tourism land rent, USD 5 million from the departure tax, and USD 5 million from the airport development fee.