{"id":5129,"date":"2023-01-25T09:45:58","date_gmt":"2023-01-25T04:45:58","guid":{"rendered":"https:\/\/mbt.mv\/?p=5129"},"modified":"2023-01-25T09:45:58","modified_gmt":"2023-01-25T04:45:58","slug":"state-revenues-reach-mvr5-36bn-up-by-25-1-in-q4-2022","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=5129","title":{"rendered":"State revenues reach MVR5.36Bn, up by 25.1% in Q4-2022"},"content":{"rendered":"<p>The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA).<\/p>\n<p>The review for the review quarter increased by 25.1% when compared with the corresponding quarter of 2021. Additionally, this was a 53.9% improvement from initial projections for the quarter as well.<\/p>\n<p>Moreover, the highest increment in the quarterly revenue when compared with the same quarter of 2021 was recorded from;<\/p>\n<ul>\n<li>Lease Period Extension Fee<\/li>\n<li>Income Tax<\/li>\n<li>Goods and Services Tax (GST)<\/li>\n<li>Airport Taxes and Fees<\/li>\n<\/ul>\n<p>Additionally, the tourist arrivals from September to November 2022 exceeded tourist arrivals for the same period in 2021 by 2.7%.<\/p>\n<p>Quarterly revenue exceeded the forecast due to the increment of GST (mainly from the tourism sector &#8211; TGST), Income Tax, Tourism Land Rent, and Airport Taxes and Fees. The state also received a receipt of USD72.50 million in Lease Period Extension Fee; which improved the state revenues when compared with the initial projection.<\/p>\n<h4>Revenue Composition<\/h4>\n<ul>\n<li>Actual Revenue Q4-2021: MVR3.01 billion (tax) | MVR1.27 billion (non-tax) | MVR4.28 billion (total)<\/li>\n<li>Actual Revenue Q4-2022: MVR3.24 billion (tax) | MVR2.11 billion (non-tax) | MVR5.36 billion (total)<\/li>\n<li>Projection for Q4-2022: MVR2.67 billion (tax) | MVR0.80 billion (non-tax) | MVR3.48 billion (total)<\/li>\n<\/ul>\n<h5>Tax Revenues<\/h5>\n<p>MVR3.24 billion<\/p>\n<ul>\n<li>+7.7% | When compared to Q4-2021<\/li>\n<li>+21.2% | When compared to the projection for the quarter<\/li>\n<\/ul>\n<h6>Reasons for Tax Revenue Increment<\/h6>\n<ul>\n<li>Tourist arrivals during the quarter exceeded compared to the same quarter of 2021 by 2.7%<\/li>\n<li>Number of departures increased leading to an increment in Departure Tax<\/li>\n<li>Departure Tax is levied based on flying class effective from 01st January 2022 (resulting in the higher collection)<\/li>\n<li>While there were no deadlines for Income Tax during the quarter, payments received for prior deadlines led to the increment<\/li>\n<\/ul>\n<h5>Non-tax Revenues<\/h5>\n<p>MVR2.11 billion<\/p>\n<ul>\n<li>66.5% | When compared to Q4-2021<\/li>\n<li>+162.9% | When compared to the projection for the quarter<\/li>\n<\/ul>\n<h6>Reasons for Non-tax Revenue Increment<\/h6>\n<ul>\n<li>Mainly from Lease Period Extension Fee, Work Permit Fee, and Airport Development Fee<\/li>\n<li>Airport Development Fee rate changed based on the flying class (effective from 01st January 2022) leading to an increment in the collection of the fee<\/li>\n<\/ul>\n<h4>Top Revenue Contributions of Q4-2022<\/h4>\n<ol>\n<li>Goods and Services Tax (GST): MVR2.39 billion | 44.6%<\/li>\n<li>Lease Period Extension Fee: MVR1.11 billion | 20.8%<\/li>\n<li>Tourism Land Rent: MVR470.73 million | 8.8%<\/li>\n<li>Income Tax: MVR404.21 million | 7.5%<\/li>\n<li>Green Tax: MVR213.70 million | 4.0%<\/li>\n<\/ol>\n","protected":false},"excerpt":{"rendered":"<p>The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA). The review for the review quarter increased by 25.1% when compared with the corresponding quarter of 2021. Additionally, this was a 53.9% improvement from initial projections for the quarter as well. Moreover, the highest increment in the<\/p>\n","protected":false},"author":4,"featured_media":5130,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[771,830,1004,1310,1502,1603,1727,1976,1981,2038,2063],"class_list":{"0":"post-5129","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-public-sector","9":"tag-ggst","10":"tag-gst","11":"tag-income-tax","12":"tag-maldives-inland-revenue-authority","13":"tag-mira","14":"tag-non-tax-revenue","15":"tag-public-finance","16":"tag-state-expenditure","17":"tag-state-revenue","18":"tag-tax-revenue","19":"tag-tgst"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.0 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>State revenues reach MVR5.36Bn, up by 25.1% in Q4-2022 - Maldives Business Times<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/mbt.mv\/?p=5129\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State revenues reach MVR5.36Bn, up by 25.1% in Q4-2022 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA). 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