The total revenue collection to the Government of Maldives in June 2022 increased by 95.1 percent, compared to the same month in 2021.
According to Maldives Inland Revenue Authority (MIRA) the total revenue collection to the state in the review month stood at MVR 2.32 billion; out of which 81.45 million were collected in US dollars.
Revenues lifted exponentially in the review month owing to the increment in Income Tax collection; mainly the Bank Income Tax and Corporate Income compared to June 2021.
Tourist arrivals of May 2022 increased by 94.3 percent compared to the same month in 2021, which led to favorable outcome for Tourism Goods and Services Tax (TGST), Green Tax and Airport Taxes and fees carried forward to June.
In addition to this, revenues collected to the state in the review month were up by 74.1 percent from initial projection owning to the significant bump in Corporate Income Tax and Bank Income Tax.
Top revenue contributions to the state in June 2022 include; Income Tax with 36.5 percent share of the total, GST with 26.2 percent share of the total and tourism land rent with 18.0 percent of the revenue share.
The total tax revenues collected to the state through MIRA in June stood at MVR 1.58 billion and the total non-tax revenues for the review month stood at MVR738.4 million.