MIRA receives USD112 million in October; 30.5% more than expected

Maldives Inland Revenue Authority (MIRA) has received USD 112 million in October, which is a 14.2% decrease compared to the same month the previous year. The revenue also exceeded this year’s October forecast by 30.5%. The latest statistics released by MIRA show that the decrease in revenue from October last year to this year is attributed to the postponement of the collection of Goods and Services Tax (GST), Airport Tax and Fees, Green tax and the change in deadline for the collection of the Tourism Land Rent Fees. MIRA revealed that the revenue collected exceeded the anticipated amount due to the increase in GST, Green Tax, Export Quota Fees and the Airport Tax and Fees collected, and the collection of fees pertaining to sale and exchange of land during the month. The fees related to the sale and exchange of land are variable, as it is a fee levied when the government leases an island. Additionally, MIRA mentioned that the increase in tourist arrivals by 2.1% also generated more revenue from the tourism industry. Furthermore, the government’s efforts to secure funds which it had not received also attributed to the increase in revenue. The statistic also shows that GST was the largest contributor to the revenue received by MIRA in October this year, amounting to USD70.7 million. Income Tax followed as the second-largest source, with USD7.49 million. In addition, USD5 million was collected as Green Tax, USD4.92 million as Airport Development Fees, USD6.14 million from the sale and exchange of land leased, and USD17.9 million from other types of taxes and fees.