Maldives Inland Revenue Authority (MIRA) has reported a total state revenue of MVR 1.61 billion for June 2023.
According to the authority, this is notable 31.7% decline compared to the same month in 2022. MIRA said this drop mostly due in part of the decrease in the Income Tax and Tourism Land Rent collection.
In its monthly report, MIRA said that the Income Tax return and final payment deadline for 2022 tax year was deferred to July 2023, which resulted in the drop in the Income Tax for the review month.
The initial deadline for Tourism Land Rent for the third quarter of 2023 was a public holiday due to which it was deferred to July 2, thus dropping the collection in June.
Additionally, payment deadlines for GST, Green Tax, and Airport Taxes and Fees were extended to July 2.
Despite this drop, the total revenue collection was still a 42.9% increase from the initial projection for the month. This was mainly due to the surge in Corporate Income Tax, Bank Income Tax, Tourism Land Rent, and GST.
In June 2023, the government collected MVR 1.2 billion in tax revenues and MVR 410.5 million in non-tax revenues.
From the total revenue collected to the government, 37.47% came from Income Tax, 29.4% from GST, and 14.33% from Tourism Land Rent.