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MIRA reports MVR2.65 bil in state revenue for July 2022

Mohamed Rehan
11 August 2022, MVT 14:26
MIRA collection officers at the counter amid new normal practices--
Mohamed Rehan
11 August 2022, MVT 14:26

Maldives state earned a total of MVR2.65 billion in revenues for the month of July 2022, reports Maldives Inland Revenue Authority (MIRA).

State collected 79.60 million out of the total revenue in US Dollars.

According to the taxation and revenue collection authority, the total revenue for the review month is a 311.8 percent improvement compared to the same month in 2021.

Revenues for the review month saw significant improvement owing to the increment in the collection of income tax, mainly corporate income tax and bank income tax. Additionally, the deadline for the income tax first interim payment for 2022 fell on the review month, whereas in last year the deadline for this was pushed to August.

Moreover, deadline for GST and green tax fell by the end of July, which was extended to August due to Eid holidays.

The revenue earned in July was also an improvement 84.1 percent over initial projection.

According to MIRA, this improvement is mainly due to the significant increment in income tax collection.

State the highest revenue for the review month from income tax, reported at a total of MVR1.29 billion, covering 48.6 percent of the total state revenue.

Second highest revenue collected to state came from goods and services tax (GST) with a collection of MVR577.8 million.

On the other hand, MIRA collected a total of USD35 million as lease period extension fee, which translates to MVR537.3 million.

The authority reports a total of MVR1.99 billion in tax revenues and MVR663.0 million in non-tax revenues for July 2022.

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