Maldives state revenue went up by 311.8% in July 2022 in comparison with the same month last year.
According to Maldives Inland Revenue Authority (MIRA), heavy contributors to revenue include;
- Income Tax (mainly Corporate Income Tax and Bank Income Tax)
- GST and Green Tax
- Lease period extension fee
- Taxes related to tourism
The most recent update confirms state made a total revenue of MVR2.65 billion. With 79.60 million of the total coming from US Dollars.
In addition to the significant improvement of revenue in review month, in comparison with July 2021, revenue went up 84.1% against initial projection.
Revenue contribution share for the month include;
- Income Tax – MVR1.29 billion (48.6%)
- GST – MVR577.8 million (21.8%)
- Lease period extension fee – MVR537.3 million (20.2%)
- Green Tax – MVR61.5 million (2.3%)
The total tax revenue for the month of July is MVR1.99 billion, and total non-tax revenue is MVR663.0 million.