MIRA collected MVR 1.72 billion as revenue in February 2023. This is an increase of 18.6% compared to the same period last year. However, a decrease of 20.8% compared to the forecasted amount for February 2023.
Revenue of February 2023 is higher than February 2022, mainly due to the increment in collection of TGST, GGST, Corporate Income Tax, Non-resident Withholding Tax, Airport Development Fee and Airport Taxes and Fees. TGST and GGST rate has been increased to 16% and 8%, respectively, effective from 1 January 2023. Tax collection with the change in tax rates commenced from February 2023, and compared to the corresponding period of 2022, GST collection has increased. Furthermore, Tourist arrivals of January 2023 is higher than January 2022 by 30.9%, which led to the increment in Tourism related taxes and fees.
A decrement in revenue compared to the forecast for the month is mainly due to the decline in collection of GST. Under the GST Act, the time of supply in relation to goods or services supplied shall be deemed as the time at which a tax invoice is issued or at the time at which the full or partial payment for such goods or services was made, whichever comes earlier. As the tax rate was effective from 1st January 2023, taxpayers could raise the tax invoice prior to this date in advance. This was observed for the taxpayers in tourism sector. Thus, the TGST for the month of February 2023 (after the tax rate change) is lower than forecasted revenue and the TGST collected in January 2023 (TGST collection prior to the rate change) is higher than the forecasted revenue.
In February 2023, GST accounted for the largest share of revenue received by MIRA. That is 68.9% or MVR 1.18 billion. The next largest revenue was from Income Tax. Which is 10.6% or MVR 182.04 million. In addition, Green Tax amounted to MVR 91.87 million (5.4%), Airport Development Fee MVR 81.87 million (4.8%), Departure Tax MVR 78.84 million (4.6%) and other taxes and fees MVR 98.55 million (5.7%).
Out of the revenue collected in February 2023, USD 73.60 million constitutes the dollar collection.