MIRA collects MVR 2.32 billion as revenue in June 2022

MIRA collected MVR 2.32 billion as revenue in June 2022. This is an increase of 95.1% compared to the same period last year. And an increase of 74.1% compared to the forecasted amount for June 2022.

Revenue of June 2022 is significantly higher, due to the increment in Income tax collection; mainly Bank Income Tax and Corporate Income, compared to June 2021. Last year, deadlines of June 2021 were extended to July 2021. Furthermore, Tourist Arrivals of May 2022 increased by 94.3% compared to May 2021, which led to a favorable outcome for TGST, Green Tax and Airport Taxes and Fees. Additionally, acquisition cost for the newly leased islands from the government, and Tourism Administration Fee were received in July 2022, which collectively led to a higher revenue.

The greatest share of the revenue collected for June 2022 was from Income Tax with MVR 846.62 million or 36.5% of total revenue. The second largest contributor was GST (MVR 607.18 million or 26.2%). Other significant contributors include Tourism Land Rent (MVR 418.56 million or 18.0%), Land Acquisition and Conversion Fee (MVR 154.57 million or 6.7%), Green Tax (MVR 70.83 million or 3.1%) and other taxes and fees (MVR 222.54 million or 9.6%).

Out of the revenue collected in June 2022, USD 81.45 million constitutes the dollar collection

 

07 Jul 22