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State collects MVR1.28 bil of revenue in May

Mohamed Rehan
12 June 2022, MVT 14:05
Finance Ministry and Mira Building
Mohamed Rehan
12 June 2022, MVT 14:05

Maldives Inland Revenue Authority (MIRA) said that the government of Maldives collected a total of of MVR 1.28 billion in revenue in May.

As per the latest update from MIRA, out of the total revenue collected to state, 53.47 million had been collected in US Dollars.

MIRA reports that the revenue earned to the state in May had observed an increment of 63 percent compared to the same month in 2021.

The revenue and taxation authority claims the increase of tourist arrivals by 59.3 percent in April 2022 had contributed towards the rise in tourism related revenues collected for the following month.

State observed a surge in tourism related receipts such as TGST, Green Tax as well as airport taxes and fees.

Additionally the total revenue earned to the state in May 2022 had been a 12.8 percent improvement over initial projection, resulting mainly due to the increment in Goods and Services Tax (GST) categories as well as non-resident withholding tax.

During the review period GST contributed the heaviest to state earnings covering 64.7 percent of the total income while income tax covered 8.3 percent and green tax covered 7.5 percent.

State earned a total of MVR1.1 billion in tax revenues and MVR 185 million in non-tax revenues during the review month.

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