November's MVR 1.6b tax revenue 9% higher than forecast
According to Maldives Inland Revenue Authority (MIRA) data, this is 10.5% higher than the same month last year.
The state received MVR 1.67 billion as tax revenue last month, up 9.3% from the estimated amount, according to figures released by the state tax agency on Tuesday.
According to Maldives Inland Revenue Authority (MIRA) data, this is 10.5% higher than the same month last year.
Revenues in dollar terms last month were also up 8.6% compared to the same period last year. Dollar revenue stood at $69.3 million in November 2022, compared with $63.7 million last month.
The main reason for the increase in November revenue was the increase in Goods and Services Tax (GST) revenue due to the increase in GST rate from January. The revenue increase was also due to the receipt of expatriate workers' quota fees and tourism land rent that were not paid this year.
Revenue composition:
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GST - MVR 1.12 billion (67.16% of revenue)
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Income Tax - MVR 110.7 million (6.60% of revenue)
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Green Tax - MVR 84 million (5.10% of revenue)
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Airport Development Fee - MVR 74.33 million (4.50% of revenue)
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Departure Tax - MVR 72.93 million (4.34% of revenue)
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Other taxes and fees - MVR 205.10 million (12.30% of revenue)
As of last month, the total revenue collected through MIRA this year was MVR 22.5 billion, which includes MVR 9.4 billion and $851.4 million.
