MIRA collected MVR 2.19 billion as revenue in March 2023. This is a decrement of 1.2% compared to the same period last year. However, an increase of 6.4% compared to the forecasted amount for March 2023.
Revenue of March 2023 is lower than March 2022, mainly due to the decrement in revenue of March 2023 compared to March 2022, mainly due to the decrement in collection of Corporate Income Tax and Non-resident withholding Tax. Few taxpayers opted to pay Income Tax final payment for 2021 prior to the deadline during March 2022. In addition, dues collected for Non-Resident Withholding Tax during March 2022 is 3 times the dues received in March 2023, which led to the decrement.
Furthermore, decrement in collection of Tourism Land Rent compared to March 2022, as the deadline of Tourism Land Rent for 2nd Quarter of 2023 was extended to April 2023.
An increment in revenue compared to the forecast for the month is mainly due to the increment in collection of Tourism Land Rent, GGST, Airport Development Fee, Non-resident Withholding Tax, Departure Tax and Green Tax. Due to the increment in tourist arrivals compared to the forecasted arrivals by 4.0%, tourism related revenues has increased.
In March 2023, GST accounted for the largest share of revenue received by MIRA. That is 60.0% or MVR 1.31 billion. The next largest revenue was from Tourism Land Rent. Which is 14.0% or MVR 305.61 million. In addition, Green Tax amounted to MVR 105.42 million (4.8%), Airport Development Fee MVR 99.20 million (4.5%) and other taxes and fees MVR 220.17 million (10.1%).
Out of the revenue collected in March 2023, USD 100.99 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/031aada5-8863-4cb7-8d2e-55eb6894df9c