State collected a revenue total of MVR5.40 billion in Q3-2022, reports Maldives Inland Revenue Authority (MIRA).
According to MIRA, this marks a 38.3% increment when compared with Q3-2021. Additionally, this marks a 41.4% increase from initial projections.
Moreover, MIRA reports the highest increment in the quarterly revenue, compared to Q3-2021 came from Lease Period Extension Fee, Income Tax, GST and Airport Taxes and Fees. Furthermore, state received MVR13.85 million in Green Tax.
Tourist arrivals during June to August 2022 exceeded tourist arrivals for the same period in 2021 by 24.8%.
Tax revenue total for Q3-2022 stood at MVR4.02 billion, which is a 34.4% increment from Q3-2021. This is also a 30.2% increment over initial projection. Non-tax revenue total stood at MVR1.38 billion, a 51.2% increment from Q3-2021 and a significant 86.3% increment from initial projection.
Top revenue sources to the state with there revenue share include;
- GST: 34.5%
- Income Tax: 31.9%
- Lease Period Extension Fee: 11.4%
- Tourism Land Rent: 5.6%
- Green Tax: 3.9%
Monthly comparison against Q3-2021;
- July: 313.7%
- August: 3.9%
- September: -29.0%
Meanwhile, state collected a total of USD185.83 million from the total revenue share for the quarter. This marks a 51.1% increment in foreign currency, compared to corresponding quarter of 2021.
State earned 52.8% of its quarterly revenue from US Dollars (translated to MVR2.85 billion) and remaining 47.2% in Maldivian Rufiyaa (MVR2.55 billion).