{"id":6040,"date":"2023-05-08T11:39:52","date_gmt":"2023-05-08T06:39:52","guid":{"rendered":"https:\/\/mbt.mv\/?p=6040"},"modified":"2023-05-08T11:39:52","modified_gmt":"2023-05-08T06:39:52","slug":"govt-generates-mvr7-33bn-revenue-in-q1-2023","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=6040","title":{"rendered":"Govt generates MVR7.33Bn revenue in Q1-2023"},"content":{"rendered":"

The Maldives government has generated a quarterly total of MVR7.33 billion in Q1-2023, according to Maldives Inland Revenue Authority (MIRA).<\/p>\n

MIRA reported that the quarterly state revenue collection is a 21.4% increment compared to the same quarter in 2022, and is a 11.5% increment from initial forecast.<\/p>\n

The authority also reported that the tourist arrivals for the taxable period of Q1-2023 was 20.1% higher than the corresponding quarter in 2022, which contributed towards the revenue increase.<\/p>\n

The revenue exceeded forecast due to the increase in Goods and Services Tax (GST), Tourism Land Rent, Green Tax, and Airport Taxes and Fees collections.<\/p>\n

MIRA confirmed a total tax revenue of MVR6.38 billion in Q1-2023 which is a 32.0% increase compared to the same quarter last year, and a 7.0% increase from projection.<\/p>\n

On the other hand, non-tax revenue collection saw a 21.0% drop, from MVR1.20 billion in Q1-2022 to MVR950.76 million in Q1-2023. However, the non-tax revenue total for the quarter was still a 56.0% increase from projection.<\/p>\n

Top Revenue Contributors<\/h3>\n
    \n
  1. Goods and Services Tax (GST): MVR4.12 billion | 56.1%<\/li>\n
  2. Income Tax: MVR1.62 billion | 22.1%<\/li>\n
  3. Tourism Land Rent: MVR407.0 million | 5.6%<\/li>\n
  4. Green Tax: MVR298.1 million | 4.1%<\/li>\n
  5. Airport Development Fee: MVR284.8 million | 3.9%<\/li>\n<\/ol>\n

    The state collected USD289.21 million of revenue during the review quarter, which is a 15.9% increase from the same quarter in 2022.<\/p>\n","protected":false},"excerpt":{"rendered":"

    The Maldives government has generated a quarterly total of MVR7.33 billion in Q1-2023, according to Maldives Inland Revenue Authority (MIRA). MIRA reported that the quarterly state revenue collection is a 21.4% increment compared to the same quarter in 2022, and is a 11.5% increment from initial forecast. The authority also reported that the tourist arrivals<\/p>\n","protected":false},"author":4,"featured_media":6041,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[1310,1502,1603,1727,2038],"class_list":{"0":"post-6040","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-finance","8":"category-public-sector","9":"tag-maldives-inland-revenue-authority","10":"tag-mira","11":"tag-non-tax-revenue","12":"tag-public-finance","13":"tag-tax-revenue"},"yoast_head":"\nGovt generates MVR7.33Bn revenue in Q1-2023 - 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=6040\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt generates MVR7.33Bn revenue in Q1-2023 - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"The Maldives government has generated a quarterly total of MVR7.33 billion in Q1-2023, according to Maldives Inland Revenue Authority (MIRA). MIRA reported that the quarterly state revenue collection is a 21.4% increment compared to the same quarter in 2022, and is a 11.5% increment from initial forecast. 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