MIRA collected MVR 1.61 billion as revenue in June 2023. This is a decrement of 31.7% compared to the same period last year. However, it is an increment of 42.9% compared to the forecasted amount for June 2023.
The decrement in revenue of June 2023 compared to June 2022 is mainly due to the decrement in collection of Income Tax and Tourism Land Rent. The deadline for the submission of Income Tax return and final Payment deadline for 2022 had been deferred to July 2023, thus the collection of Income Tax had declined. Similarly, as the initial deadline of Tourism Land Rent for 3rd Quarter of 2023 fell to a public holiday, the deadline had been deferred to 2 July 2023, which led to a significant decrement in collection compare to June 2022. Additionally, payment deadlines of GST, Green Tax and Airport Taxes and Fees were also extended to 2 July 2023.
Revenue collection surpassed the forecasted revenue, mainly due to the increment in Corporate Income Tax, Bank Profit Tax, Tourism Land Rent and GST. The payment deadlines of the aforementioned taxes were extended to the first week of July, which was accounted in the projection. Despite the deadlines extension, payments were received by the initial deadlines, which led to an increment in revenue of June compared to projection.
In June 2023, Income Tax accounted for the largest share of revenue received by MIRA. That is 37.47% or MVR 604.21 million. The next largest revenue was from GST. Which is 29.4% or MVR 474.35 million. In addition, Tourism Land Rent amounted to MVR 231.13 million (14.33%), Airport Service Charge amounted to MVR 68.67 million (4.3%), Airport Development Fee amounted to MVR 64.74 million (4.0%), and other taxes and fees MVR 169.34 million (10.5%).
Out of the revenue collected in June 2023, USD 48.42 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/f8664ecf-5e6c-4245-816a-56710a2b56dd