MIRA collected MVR 2.01 billion as revenue in October 2023. This is an increment of 61.3% compared to the same period last year. Moreover, it is an increment of 29.7% compared to the forecasted amount for October 2023.
The increment in revenue of October 2023 compared to October 2022 is mainly due to the increase in collection of GST, Tourism Land Rent, Expatriate Quota fee and Green Tax. This is because Payment deadlines in September 2023 of GST, Airport Taxes and Fees and Green Tax were extended to the first week of October. Furthermore, MIRA has stated that tourist arrivals in September 2023 increased by 16.9% compared to September 2022, which led to a significant increment in tourist related revenues.
In addition, Revenue collection increased in comparison to forecasted revenue, as the tax deadlines were extended to first week of October due to the initial deadline being declared as a public holiday after the elections.
In October 2023, GST accounted for the largest share of revenue received by MIRA, which is 65.74% or MVR 1.32 billion. The next largest revenue was from Income Tax which is 8.02% or MVR 161.47 million. In addition, Tourism Land Rent amounted to MVR 152.82 million (7.59%), Green Tax amounted to MVR 92.56 million (4.60%), Airport Development Fee amounted to MVR 77.19 million (3.83%) and other taxes and fees amounted to MVR 205.72 million (10.22%).
Out of the revenue collected in October 2023, USD 77.10 million constitutes the dollar collection.