State earnings for December 2021 up by 95%

According to the latest updates from the country’s taxation and revenue collection authority the state earnings for December 2021 was up by 95.0% when compared with the same month in 2020.

Maldives Inland Revenue Authority (MIRA) attested this in their most recent publication while confirming the total state revenue collection for the review month is MVR2.03 billion.

State had earned 105.48 million out of the said total in United States Dollars; while TGST had contributed the heaviest towards earnings made in USD.

This noticeable surge in state earnings is reflective of stronger earnings from major tax sources; TGST, GGST, Green Tax along with Airport Taxes as well as an increment in the receipt of tourism land rent of the previous deadline which fell to the review period and one-off payments towards lease period extension fee.

Meanwhile, state earnings for the review period is up by 45.0% from initially projected numbers; which MIRA claims is due to the boosted tax revenue collections.

GST held 47.0% of the total earnings to the state in December 2021 while tourism land rent covered 24.0% of the total.

The earnings made from tax sources for the month is MVR1,214.0 million (MVR1.2 billion) and the earnings from non-tax sources hit MVR811.6 million – both categories observed significant growth compared to the same month in 2020.