{"id":7127,"date":"2023-10-29T13:19:37","date_gmt":"2023-10-29T08:19:37","guid":{"rendered":"https:\/\/mbt.mv\/?p=7127"},"modified":"2023-10-29T13:19:37","modified_gmt":"2023-10-29T08:19:37","slug":"state-earns-mvr-1-18-bn-revenue-in-september-15-8-drop","status":"publish","type":"post","link":"https:\/\/mbt.mv\/?p=7127","title":{"rendered":"State earns MVR 1.18 Bn revenue in September, 15.8% drop"},"content":{"rendered":"

Maldives government generated a revenue of MVR 1.18 billion in September 2023, reports Maldives Inland Revenue Authority (MIRA).<\/p>\n

According to MIRA, this revenue total inclusive of USD 49.62 million is a 15.8% drop compared to the same month in 2022. The authority said this drop is mainly due to the decrement in collection of Tourism Land Rent, GST, Non-resident Withholding Tax and Corporate Income Tax.<\/p>\n

Payment deadlines of GST and Green Tax were extended to the first week of October as the government declared the initial deadline as a public holiday, which led to the significant drop to the monthly collection when compared to September 2022.<\/p>\n

The revenue total in September was a 19.4% decline compared to projections as well, which was due to the drop in Airport Taxes and Fees, GST and Green Tax as their payment deadlines were extended to the first week of October.<\/p>\n

Top Revenue Contributors<\/h2>\n
    \n
  1. GST: 44.2% | MVR 523 million<\/li>\n
  2. Tourism Land Rent: 19.6% | MVR 232.3 million<\/li>\n
  3. Income Tax: 11.6% | MVR 136.8 million<\/li>\n
  4. Airport Development Fee: 6.0% | MVR 71.2 million<\/li>\n
  5. Departure Tax: 5.7% | MVR 67.7 million<\/li>\n<\/ol>\n

    The state collected MVR 781.8 million in tax revenues and MVR 401.7 million in non-tax revenues in the review month.<\/p>\n

    Payment Statistics<\/h2>\n
      \n
    • Electronic Payments: 98.18%<\/li>\n
    • Government to Government Transfers: 0.95%<\/li>\n
    • Cheque: 0.38%<\/li>\n
    • Cash: 0.21%<\/li>\n
    • Funds transferred via Bank from Branches\/Councils: 0.15%<\/li>\n
    • POS Card Receipts: 0.12%<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"

      Maldives government generated a revenue of MVR 1.18 billion in September 2023, reports Maldives Inland Revenue Authority (MIRA). According to MIRA, this revenue total inclusive of USD 49.62 million is a 15.8% drop compared to the same month in 2022. The authority said this drop is mainly due to the decrement in collection of Tourism<\/p>\n","protected":false},"author":4,"featured_media":7128,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2424,2428],"tags":[1310,1502,1603,1981,2038],"class_list":{"0":"post-7127","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-state-revenue","13":"tag-tax-revenue"},"yoast_head":"\nState earns MVR 1.18 Bn revenue in September, 15.8% drop - 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=7127\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"State earns MVR 1.18 Bn revenue in September, 15.8% drop - Maldives Business Times\" \/>\n<meta property=\"og:description\" content=\"Maldives government generated a revenue of MVR 1.18 billion in September 2023, reports Maldives Inland Revenue Authority (MIRA). According to MIRA, this revenue total inclusive of USD 49.62 million is a 15.8% drop compared to the same month in 2022. 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