MIRA collects MVR 2.65 billion as revenue in July 2022

MIRA collected MVR 2.65 billion as revenue in July 2022. This is an increase of 311.8% compared to the same period last year. And an increase of 84.1% compared to the forecasted amount for July 2022.

Revenue of July 2022 is significantly higher, largely due to the increment in collection of Income Tax; mainly Corporate Income Tax and Bank Income Tax, as compared to June 2021. The deadline for Income Tax 1st Interim Payment of 2022 fell to this month while in last year the deadline for Income Tax 1st Interim Payment of 2021 was 1st August 2021. Also, the deadline of GST and Green Tax that fell towards the end of July 2021 were extended to 1st August due the extended Eid holidays which collectively led to the comparative increment in collection when compared to July 2021. Furthermore, receipt of USD 35 million as Lease Period Extension Fee paid by 7 parties also contributed to the comparative increment in revenue. This fee was not received in July 2021. Additionally, Tourist Arrivals of June 2022 increased by 97.4% compared to June 2021, which led to a favorable outcome for TGST, Airport Taxes and Fees and Green Tax.

The greatest share of the revenue collected for July 2022 was from Income Tax with MVR 1.29 billion or 48.6% of total revenue. The second largest contributor was GST (MVR 577.79 million or 21.8%). Other significant contributors include Lease Period Extension Fee (MVR 537.30 million or 20.2%), Green Tax (MVR 61.51 million or 2.3%), Airport Development Fee Fee (MVR 53.92 million or 2.0%) and other taxes and fees (MVR 134.31 million or 5.1%).

Out of the revenue collected in July 2022, USD 79.60 million constitutes the dollar collection. 

 

10 Aug 22