According to MIRA, the state has received MVR 1.72 billion in revenue last month, up 18.6 percent from the same time last year.
According to MIRA, the increase in revenue in February 2023 compared to February 2022 was mainly due to higher revenue from GST, corporate income tax, non-resident with holding tax and airport tax. Other reasons, according to MIRA, were the 30.9 percent increase in the amount of tourists visiting the country in January 2023 compared to January 2022 and the increase in GST rate from January 1, 2023.
MIRA has stated that the main reason for the lower than estimated revenue in February 2023 was the lower than estimated GST revenue in the month.
MIRA informed that the main reason for this is that with the change in GST rate from January 1, 2023, some of the GST related to tourist arrivals in January was received in January through the time of supply rule and thus the amount of GST received last month ended up lower than the estimate.
GST collections in January 2023 were 73 percent higher than the estimate. The GST collection for this year til the end of February was higher than the estimated amount, according to MIRA.
In February 2023, GST accounted for the largest share of revenue received by MIRA, which was 68.9 percent or MVR 1.18 billion. The next largest revenue source was income tax, which was 10.6 percent or MVR 182.04 million. In addition, green taxes amounted to MVR 91.87 million (5.4%), airport development fees amounted to MVR 81.87 million (4.8%), departure taxes amounted to MVR 78.84 million (4.6%) and other taxes and fees amounted to MVR 98.55 million (5.7%).
Revenue accepted in February 2023 included USD 73.6 million.
According to MIRA, the increase in revenue in February 2023 compared to February 2022 was mainly due to higher revenue from GST, corporate income tax, non-resident with holding tax and airport tax. Other reasons, according to MIRA, were the 30.9 percent increase in the amount of tourists visiting the country in January 2023 compared to January 2022 and the increase in GST rate from January 1, 2023.
MIRA has stated that the main reason for the lower than estimated revenue in February 2023 was the lower than estimated GST revenue in the month.
MIRA informed that the main reason for this is that with the change in GST rate from January 1, 2023, some of the GST related to tourist arrivals in January was received in January through the time of supply rule and thus the amount of GST received last month ended up lower than the estimate.
GST collections in January 2023 were 73 percent higher than the estimate. The GST collection for this year til the end of February was higher than the estimated amount, according to MIRA.
In February 2023, GST accounted for the largest share of revenue received by MIRA, which was 68.9 percent or MVR 1.18 billion. The next largest revenue source was income tax, which was 10.6 percent or MVR 182.04 million. In addition, green taxes amounted to MVR 91.87 million (5.4%), airport development fees amounted to MVR 81.87 million (4.8%), departure taxes amounted to MVR 78.84 million (4.6%) and other taxes and fees amounted to MVR 98.55 million (5.7%).
Revenue accepted in February 2023 included USD 73.6 million.
