MIRA collected MVR 1.86 billion as revenue in April 2023. This is an increment of 13.2% compared to the same period last year. However, a decrement of 11.2% compared to the forecasted amount for April 2023.
Revenue of April 2023 is higher than April 2022, mainly due to the increment in collection of GST, Income Tax, Tourism Land Rent and Green Tax. The change in GST rate led to a higher collection compared to April 2022. Additionally, Tourist arrivals of March 2023 had increased by 15.1% compared to March 2022 which led to the increment in tourism related taxes and fees.
Revenue collection slightly declined than the forecasted revenue for the month, mainly due to the decrement in collection of GST, Tourism Land Rent and Airport Taxes and Fees. Some taxpayers who reported tax liability for TGST, GGST, Airport Taxes and Fee had not paid by the deadline in this month, which resulted in a decrement of total revenue. Additionally, the majority of the taxpayers opted to pay the Tourism Land Rent before the deadline of 31st March 2023, despite of the deadline extension to 2nd April 2023, which led to a lower collection in April, compared to the projection.
In April 2023, GST accounted for the largest share of revenue received by MIRA. That is 64.5% or MVR 1.20 billion. The next largest revenue was from Income Tax. Which is 9.5% or MVR 176.67 million. In addition, Tourism Land Rent amounted to MVR 116.49 million (6.3%), Green Tax amounted to MVR 94.92 million (5.1%), Airport Service Charge amounted to MVR 75.14 million (4.0%), and other taxes and fees MVR 196.56 million (10.6%).
Out of the revenue collected in April 2023, USD 77.35 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/d71c1b5e-7919-4761-8e9a-fc9a7e83374f