Maldives Inland Revenue Authority (MIRA) confirms a revenue of MVR1.24 billion to the state in November 2021.
Furthermore, from the total revenue collection 51.31 million were collected in US Dollars as per the revenue authority’s latest update.
The revenue and taxation authority confirms that the collection in the review month observed a growth of 168.4% when compared with the same period in 2020. Moreover, MIRA confirms that the significant rise in revenue collection during the review period is owed to the increment in the collection of Income Tax, Tourism Land Rent along with the collections of TGST, GGST, Green Tax and airport taxes and fees.
In addition to this, one-off payment towards lease period extension fee was received in the review month which contributed towards the rise in revenue.
The revenue earned in November observed a 51.8% improvement when compared with the initial projections for the month. According to MIRA, this increment is due to the significant rise in tourist arrivals for the review period when compared with the forecast arrivals and saw a growth by 24.3%.
Meanwhile, the top revenue streams include GST with 62.2% of the total and Income Tax covering 6.5% share of the total while lease period extension fee contributed a 6.2% share and Green Tax contributed a 6.1% share.
During the review month, state collected a total of MVR976.0 million in tax revenues and MVR267.4 million in non-tax revenues.