Maldives government earned a total of MVR5.29 billion in revenue for the second quarter of 2022, reports Maldives Inland Revenue Authority (MIRA).
The revenue and taxation authority in its quarterly report confirms that the state earnings for the second quarter observed a 55.8 percent increment compared to the same quarter in 2021.
In addition to this, revenues earned increased by 50.2 percent from initial projection as well.
According to MIRA, the highest increment in the quarterly revenue, compared to the corresponding Q2-2021, was recorded from Income Tax, GST, Land Acquisition Conversion Fee and Airport Taxes and Fees.
The authority also highlights the receipt of USD10 million as lease period extension fee during the quarter, among major reasons for driving up the quarterly earnings to the state.
During the second quarter of 2021, deadline to pay the final Income Tax payment for tax year 2020 was extended to July 2021, but such extensions were not given during the review quarter, which reflected on the surge in revenue for Q2-2022.
In addition to this, tourist arrivals during March to May 2022 also exceeded the tourist arrivals compared to the same period in 2021 by 58.8 percent, which led to favorable outcome in tourism-related taxes and fees.
State earned a total of MVR3.98 billion in tax revenues, which rose by 59.9 percent when compared with Q2-2021.
Additionally, tax revenue earnings showed a 44.1 percent increment from initial projection.
Non-tax revenue total for the review quarter reached MVR1.31 billion, which was a 44.7 percent increment compared to the same quarter last year and a significant 72.4 percent increment from initial projection.