MIRA collected MVR 2.33 billion as revenue in February 2024. This is an increment of 33.7% compared to the same period last year. Moreover, it is an increment of 22.3% compared to the forecasted amount for February 2024.
The increment in revenue of February 2024 compared to February 2023 is mainly due to the increase in collection of TGST, GGST, Bank Profit Tax, along with the collection of Expatriate Quota fee. In addition, MIRA has stated that tourist arrivals in January 2024 increased by 11.5% compared to January 2023, which led to the increment in TGST collection compared to February 2023. Furthermore, Expatriate Quota Fee collection commenced in March 2023, and as there was no collection in February 2023, the receipt of Expatriate Quota fee this month contributed to the increment in revenue compared to the corresponding period of last year.
In addition, MIRA has stated that revenue collection increased in comparison to forecasted revenue mainly due to the increment in GST and late payments towards Bank Income Tax and Tourism Land Rent. Additionally, tourist arrivals in January 2024 increased by 4% compared to the forecast, which led to the increment in tourism related tax and fees.
In February 2024, GST accounted for the largest share of revenue received by MIRA, which is 70.01% or MVR 1.63 billion. The next largest revenue was from Income Tax which is 10.6% or MVR 246.36 million. In addition, Green Tax amounted to MVR 102.85 million (4.4%), Airport Development Fee amounted to MVR 91.08 million (3.9%), Departure Tax amounted to MVR 89.48 million (3.8%) and other taxes and fees amounted to MVR 168.78 million (7.2%).
Out of the revenue collected in February 2024, USD 100.34 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/3c6a115d-a9d1-45f0-9898-d2e7129cfbf8