MIRA collected MVR 1.71 billion as revenue in May 2023. This is an increment of 30.4% compared to the same period last year. However, a decrement of 1.8% compared to the forecasted amount for May 2023.
Revenue of May 2023 is higher than May 2022, mainly due to the increment in collection of TGST, Corporate Income Tax, GGST, Airport Development Fee and Departure Tax. The change in GST rate led to a higher collection of GST compared to May 2022. Additionally, Tourist arrivals of April 2023 had increased by 13.1% compared to April 2022 which led to the increment in TGST and Airport Taxes and Fees. Some taxpayers had opted to pay the Final payment of the Income Tax for tax year 2022 during this month, which led to a higher collection of Corporate Income Tax compared to May 2022.
Revenue collection surpassed the forecasted revenue, mainly due to the significant increment in Corporate Income Tax, Airport Development Fee and Departure Tax. In addition, due to the increment in tourist arrivals by 3.6% compared to the projection, which led to the increment in TGST and Airport Taxes and Fees. The deadline for the final payment of Income Tax for tax year 2022 falls to 2 July, but the payment of Corporate Income Tax prior to the deadline had led to an increment in Corporate Income Tax compared to the forecasted revenue of the month.
In May 2023, GST accounted for the largest share of revenue received by MIRA. That is 63.59% or MVR 1.09 billion. The next largest revenue was from Income Tax. Which is 12.41% or MVR 212.43 million. In addition, Airport Development Fee amounted to MVR 114.34 million (6.68%), Departure Tax amounted to MVR 101.20 million (5.91%), Green Tax amounted to MVR 83.10 million (4.85%), and other taxes and fees MVR 112.17 million (6.55%).
Out of the revenue collected in May 2023, USD 72.78 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/2826edbe-2d7d-4a3e-be9c-c5ea8951077f