USD revenue sees boost, but black market rate remains at MVR 17
According to MIRA, the number of tourists arriving in the country increased by 12% in December as compared to 2021.
By
Aishath Fareeha Abdulla
In January, the state's foreign currency or dollar revenue surged 50% year-on-year compared to the same period last year.
According to the state revenue data released by MIRA for January, revenue surged to USD 112.8 million in January:
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USD 37.9 million in January, 50% increase
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Dollar revenue surged on the back of higher revenues from TGST, departure tax, airport development fees, BPT and corporate income tax.
Here's how taxing increased revenue the most in USD:
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TGST - USD 79.9 million
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Corporate Income Tax - USD 7 million
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Departure tax - USD 5.7 million
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Airport development fee - USD 5.8 million
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BPT - USD 1.1 million
According to MIRA, the number of tourists arriving in the country increased by 12% in December as compared to 2021. "This is the main reason for the increase in foreign exchange revenue and total income," MIRA said in a statement.
According to Mira's calculations, the highest revenue collection in January was as follows:
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GST - (MVR 1.6 billion) 47.7% of total revenue
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Income Tax - (MVR 1.29 billion) 38.1% of total revenue
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Green Tax - (MVR 1 billion) 3% of total revenue
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Tourism Land Rent - (MVR 94 million) 2.8% of total revenue
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Airport Development Fee - (MVR 89 million) 2.6% of the total revenue
President Ibrahim Mohamed Solih, while presenting his presidential address at the opening ceremony of the Parliament for this year, said the revenue earned in January was the highest revenue earned by the state in a single month. "It's a ray of hope for the future," he said.
What changes in dollar rate
MVR depreciated in the black market as tourist arrivals rose and dollar earnings improved. MVR has been trading at MVR 17.6 to 17.10 per USD since the last week of last month. In the black market, MVR is falling in the wake of the period when resort workers are paid their salaries.
However, by the end of the month, MVR was again traded at MVR 17.25 to 17.35 per USD. USD rate has been at MVR 17 since mid-2018.
Last year, it was MVR 18 per USD in the black market in some months.
