July revenue reaches MVR 3.41 billion, 3.6% below forecast

The Maldives Inland Revenue Authority (MIRA) collected MVR 3.41 billion in revenue in July, 3.6% below its forecast for the month.

According to revenue statistics published by MIRA on Sunday, collections during July included USD 108.36 million received in US dollars.

MIRA attributed the shortfall against its forecast mainly to lower collections from Corporate Income Tax, Non-Resident Withholding Tax and Bank Income Tax.

The authority said the Income Tax payment deadline falling on a public holiday also affected collections for July. The deadline was consequently extended to 2 August, shifting some payments that would otherwise have been recorded during the month.

Tourist arrivals in June were also 3% below projections, resulting in lower-than-expected collections from tourism-related taxes in July, MIRA said.

Despite falling below the forecast, revenue collected during July was 0.2% higher than in the same month last year.

MIRA attributed the year-on-year increase mainly to higher Goods and Services Tax (GST) collections and increased receipts from land acquisition costs and conversion fees.

Income Tax was the largest source of revenue during July, accounting for 48.6% of total collections. MIRA received MVR 1.65 billion from Income Tax during the month.

GST was the second-largest source, generating MVR 1 billion and accounting for 30.4% of total revenue.

Green Tax generated MVR 142 million, or 4.2% of collections, while MVR 136 million was received from the Airport Development Fee, representing 4% of total revenue.

Departure Tax generated MVR 134 million, accounting for 3.9% of collections.

MIRA also received MVR 81 million from land acquisition and conversion fees, equivalent to 2.4% of revenue collected during July.