State revenue observes over 130% improvement in September 2021

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Maldives Inland Revenue Authority (MIRA) reports that the state revenue reached MVR1,981.6 million (MVR1.98 billion) in September 2021.

Furthermore, the authority reported that the state revenue collection for the review month observed an increase of 133.5% in comparison with the same month in 2020.

Moreover, the significant bump in revenue for the month comes mainly from the increase in the collections of Income Tax, Tourism Land Rent, TGST, GGST, Green Tax, Airport taxes and fees.

As such, tourism land rent showed improvement owing to the deference of it from Q4-2020 to 2021. Payments for tourism land rent were received as scheduled for the current year.

Additionally, the deadline for Income Tax first interim return and payment for 2021 was deferred to the review month as well.

The revenue collection in September had also observed an increase of 8.6% from initial projects due to the increase in the collections of TGST, Income Tax, Green Tax and airport taxes and fees along with GGST.

Moreover, state collected 63.45 million from the total revenue in US Dollars.

Income Tax took top position as the strongest income contributor with 37.6% of the total revenue coming from the stream while GST remained as the second strong source with 27.9% of the total covered by the stream while tourism land rent held 20.7% share of the total revenue.

Meanwhile, the total tax revenues collected in September reached MVR1,425.0 million (MVR1.4 billion) and the total non-tax revenues hit MVR556.6 million.

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