The Maldives Inland Income Authority (MIRA) collected over MVR 620 million in revenue in July 2021, a 6.2% decrease from July 2020.
According to the tax authority, income in July 2021 was lower due to a delay in the deadline for significant taxes due to Eid vacations, as well as a decline in the collection of Income Tax, CGST, and Land Sales Tax. Furthermore, MIRA indicated that the Land Acquisition and Conversion Fee payment was included in July 2020, which was not included in July 2021.
According to official data, MIRA earned MVR 624.07 million in revenue last month, including US dollar revenue collection, a 13.6% increase over the predicted revenue for July.
The tax authority noted that the rise in revenue beyond the predicted amounts is due to an increase in Income Tax and IGST collection.
GST contributed the most to MIRA’s total revenue, accounting for 46.7% of total revenue, while Tourism Land Rent revenue came in second, accounting for 17.9% of total revenue.
Furthermore, 17.6% of revenue was generated by Income Tax, 4.5% by Green Tax, 4.2% by Work Permit Fee, and the rest 9.1% by other sources such as TGST, GGST, and Airport Service Charges.