July tax revenue beats estimates but lower than July 2023
Revenue collected by the agency during the period was 17.1% lower than the same month last year.
The revenue collected through the state tax authority, Maldives Inland Revenue Authority (MIRA), was 16.4% higher than the estimated amount but much lower than las year's July, according to figures released by the authority on Monday.
According to the figures released by the MIRA:
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Agency collected MVR 2.93 billion during the period
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Revenue collected by the agency during the period was 17.1% lower than the same month last year
The revenue collected in July this year exceeded the estimated revenue because:
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Acceleration in the second interim bank statement
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The increase in tourist arrivals in June 2024 compared to June 2023 due to the increase in tourism revenue
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Collection of the revenue from the land allocated for tourism
Income tax was the biggest source of revenue for the MIRA last month. Income tax revenue accounted for 50% of the total revenue.
Revenue segments:
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Income tax collection stood at MVR 1.4 billion in July
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The next largest revenue came from GST; GST accounted for 33.33% of total revenue or MVR 977 million
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Tourism land rent accounted for 3.96% of total revenue; MVR 116 million
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Airport development fees of MVR 77 million accounted for 2.65% of total revenue
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Departure tax collection stood at MVR 75 million, or 2.56% of total revenue
According to MIRA figures, the agency received $75.77 million in dollars in July.
