The Edition
facebook icon twitter icon instagram icon linkedin icon

Latest

State earnings at MVR 1.51 billion in November 2022

Mohamed Rehan
12 December 2022, MVT 08:10
MIRA
Mohamed Rehan
12 December 2022, MVT 08:10

The state earned a total of MVR 1.51 billion revenue in November 2022, reports Maldives Inland Revenue Authority (MIRA). Out of the total revenue, the state collected 63.8 million in US Dollars.

According to the latest statistical update from the authority, Maldives' state earnings for the review month was 20.4 percent higher than the corresponding month in 2021. This was largely due to the extension in collecting Lease Period Extension Fee, Income Tax, Airport Development Fee, Departure Tax, TGST and Green Tax.

Airport taxes increased due to a change in tax rates based on flying class and an 8.2 percent increase in tourist arrivals in October 2022, compared to the same month last year. The state also received USD 15 million as a Lease Period Extension Fee, which further bumped up the earnings. There were no similar fees collected in November 2021.

Earnings in November were also 43.7 percent higher than initial projections. This was mainly due to a significant surge in the collection of TGST, Corporate Income Tax, GGST, Non-resident Withholding Tax, Employee Withholding Tax, as well as significant increases in Airport Development Fee and Departure Tax, all of which were under-estimated during forecast.

Furthermore, tourist arrivals also increased by 5.1 percent from the initial forecast for the review month.

Top Revenue Contributors in November 2022

- GST: MVR787.6 million | 52.3 percent

- Lease Period Extension Fee: MVR230.4 million | 15.3 percent

- Income Tax: MVR145.3 million | 9.6 percent

- Green Tax: MVR76.3 million | 5.1 percent

- Airport Development Fee: MVR73.4 million | 4.9 percent

For November 2022, the state earned MVR 1.09 billion in tax revenues, and remaining MVR 418.7 million in non-tax revenues.

Share this story

Related Stories

Discuss

MORE ON BUSINESS