/ MIRA collects MVR 2.58 billion as revenue in December 2022
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MIRA collects MVR 2.58 billion as revenue in December 2022

10 Jan 2023

MIRA collected MVR 2.58 billion as revenue in December 2022. This is an increase of 27.4% compared to the same period last year. And an increase of 77.0% compared to the forecasted amount for December 2022.

Revenue of December 2022 is higher than December 2021, mainly due to the increment in collection of Lease Period Extension Fee, GGST, Income Tax from companies and non-individuals and Non-Resident Withholding Tax. Lease Period Extension Fee is one of the highest revenue contributor during this month. Pursuant to the Lease Period Extension Fee Regulation, resorts could opt to extend their lease period for 99 years. The payment option and rate being tied to the statutory deadline of 26th December 2022, and as the rate of extension increases after this deadline, most payers chose to pay before the deadline. This led to a significant increment in revenue.

Revenue collection surpassed the forecasted revenue, mainly due to the significant increment in collection of TGST, GGST and Non-resident Withholding Tax. Furthermore, receipt of USD 57.5 million as Lease Period Extension Fee, led to a significant increment in revenue, compared to projection. However, this fee is not included in the projection as the payment options to extend the lease period of resorts are completely left to the discretion of the taxpayers.

In December 2022, GST accounted for the largest share of revenue received by MIRA. That is 34.2% or MVR 882.35 million. The next largest revenue was from Lease Period Extension Fee. That’s 34.1% or MVR 882.03 million. In addition, Tourism Land Rent amounted to MVR 359.53 million (13.9%), Income Tax MVR 130.44 million (5.1%), Green Tax MVR 75.75 million (2.9%) and other taxes and fees MVR 252.99 million (9.8%).

Out of the revenue collected in December 2022, USD 135 million constitutes the dollar collection.

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