State earned a total of MVR1.51 billion in revenues for November 2022, reports Maldives Inland Revenue Authority (MIRA). From the monthly total, state earned 63.68 million in US dollars.
Statistics from the authority confirmed revenues were up 20.4% in comparison to corresponding month last year. Earnings were also up 43.7% from initial projections for the review month.
MIRA reports, its earning increased in comparison with the same month last year owing to the rise in earnings from lease period extension fee, income tax, airport development fee, departure tax, TGST and green tax.
Airport taxes increased owing to tax rate change based on flying class. Moreover, surge in tourist arrivals for October 2022, in comparison with the same month in 2021, by 8.2% also contributed towards higher tourism receipts carried forward to November 2022. Additionally, state received receipt of USD15 million as lease period extension fee, further bumping up the earnings. There had been no similar fees collected in the same month last year.
Earnings rose in comparison with projections owing to higher collections of TGST, corporate income tax, GGST, non-resident withholding tax, employee withholding tax as well as airport development fee and departure tax. Tourist arrivals for the month also increased by 5.1% from initial forecast for the review month.
Top revenue contributors in November 2022
- GST: MVR787.6 million
- Lease period extension fee: MVR230.4 million
- Income tax: MVR145.3 million
- Green tax: MVR76.3 million
- Airport development fee: MVR73.4 million
From total earnings to state in November, MVR1.09 billion were earned through tax sources. The remaining MVR418.7 million came from non-tax sources.
