According to statistics from the Maldives Inland Revenue Authority (MIRA), 1.6 billion rufiyaa was received as income tax in July.
MIRA’s July statistics show that the state received 3.39 billion rufiyaa this July. This is higher than the revenue received in July last year and the estimated revenue for this period this year, according to MIRA. Last July, the state received 2.93 billion rufiyaa in revenue.
A large portion of the total revenue is contributed by dollar income. Out of the total revenue received in July, 105.85 million dollars were received as dollar income. Last year during this period, 75.7 million dollars were received.
The largest share of the total revenue received last month comes from income tax. This part accounts for 49 percent of the total revenue for the month. According to MIRA’s statistics, a total of 1.6 billion rufiyaa was received from this part.
Previously, business profit tax and bank profit tax, which were collected under two other laws, are now collected under the Income Tax Act that came into effect in 2020. The largest income from the income tax part last month came from taxes paid by companies and non-individual entities. 1.04 billion rufiyaa was received from this part. 440.7 million rufiyaa was received as tax from bank business profits in July.
MIRA said that compared to July last year, there has been a 15.4 percent increase in total revenue this July. One of the main reasons for this is the increase in the number of tourists visiting the Maldives. As a result, T-GST, Green Tax, and Airport Fees received from the tourism industry have increased compared to last year. Airport fees saw a significant increase due to the rate hike in December last year. In addition, corporate income tax has increased compared to last year.
MIRA also noted that the revenue received in July this year was 12.8 percent higher than estimated. The increase in revenue beyond MIRA’s estimate was due to gains in the tourism sector as well as increased income from companies and non-individual entities.. MIRA highlighted that 7.4 percent of last month’s revenue was from previously uncollected income.
Out of the revenue received in July this year, 3.03 billion rufiyaa was received as tax revenue. Last year, 2.5 billion rufiyaa was received. According to MIRA’s statistics, while 346.3 million rufiyaa was received as non-tax revenue last year, 355.1 million rufiyaa was received during this period this year.
