The total revenue collection recorded for June 2022 observed an increment of 95.1% compared to the same month last year, reports Maldives Inland Revenue Authority (MIRA).
The authority confirms the total revenue collection for the review month stood at MVR2.32 billion out of which 81.45 million were collected in US dollars.
According to MIRA, this significant bump in the collections come due to the increment in tax collection; mainly from Bank Income Tax and Corporate Income in the review month compared to the corresponding month of 2021.
In addition to this, the revenue collection to the state observed an increment of 74.1% compared to initial projections owing to the significant rise in the Corporate Income Tax and Bank Income Tax.
Income Tax contributed 36.5% of the revenue share, making it the strongest revenue source to the state in the review month which was followed by GST with a share of 26.2%. Revenue collected from tourism land rent covered 18.0% of the total revenue.
Tax revenue total was observed at MVR1.58 billion and non-tax revenue total was reported at MVR738.4 million in June 2022.