Government revenue up by 27.4% in December 2022

Popular

The Maldives government’s earnings for December 2022 were up by 27.4%, reports the Maldives Inland Revenue Authority (MIRA); the taxation and revenue collection body.

The state earned MVR2.58 billion in December; 135.00 million out of this total were earned in US Dollars.

Revenue for the month was higher mainly due to the increment in the 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 contributors during the review month, MIRA adds in its recent statistical report.

Under the Lease Period Extension Fee Regulation, resorts could opt to extend their lease period for 99 years. The payment option and rate are tied to the statutory deadline of December 26, 2022. Most payers choose to pay before the deadline since the rate of extension increases after the deadline.

Revenues to the state were also 77.0% up from the initial forecast. MIRA reports, revenues surpassed forecast owing to the significant rise in the collection of TGST, GGST, and Non-Resident Withholding Tax.

Additionally, the receipt of USD57.5 million as Lease Period Extension Fee also contributed toward the significant increment in revenue compared with the projection.

Top Revenue Contributors

  1. GST: 34.2% | MVR882.4 million
  2. Lease Period Extension Fee: 34.1% | MVR882.03 million
  3. Tourism Land Rent: 13.9% | MVR359.5 million
  4. Income Tax: 5.1% | MVR130.5 million
  5. Green Tax: 2.9% | MVR75.8 million

The total tax revenues for December 2022 was MVR1,162.6 million (MVR1.16 billion) and the total non-tax revenues for the month was MVR1,420.5 million (MVR1.42 billion); a rare-month where non-tax earnings exceed that of tax earnings.

Comments