Low income tax, tourism rent lead to fall in state revenue in March
At the end of last month, the state earned MVR 7.3 billion in revenue through MIRA.
By
Ahmed Mizyal
State revenue collection through the state's tax agency MIRA declined in March due to a decrease in the revenue of certain types of taxes, figures showed Sunday.
According to data released by MIRA for March, the agency received a total of MVR 2.19 billion last month. This was 1.2% lower than the revenue (MVR 2.2 billion) in March 2022.
The two main reasons why MIRA points out that last month's revenue slumped:
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Low receipts of Corporate Income Tax and Non-Resident Withholding Tax Receipts; Only a few paid taxes when the deadline for final payment of income tax for 2022 expired in March
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Reduction in tourism land rent receipts; as the deadline for payment has been extended to April
Some of the highest earning segments for MIRA last month:
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1-
GST - MVR 1.3 million (60% of revenue)
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2-
Tourism Land Rent – MVR 305.6 million (14% of revenue)
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3-
Income Tax – MVR 143.3 million (6.6% of income)
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4-
Green Tax – MVR 105.4 million (4.8% of revenue)
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5-
Airport Development Fee - MVR 99.2 million (4.5% of revenue)
In addition, 10.1% of the revenue is contributed by other taxes and fees.
Last month, MIRA received USD 100.99 million in dollars.
At the end of last month, the state earned MVR 7.3 billion in revenue through MIRA. Total income in dollar terms stood at USD 287.3 million.
