State earns MVR 7.3 billion in first quarter of 2023

Maldives Inland Revenue Authority (MIRA) headquarters. (File Photo/Sun/Fayaz Moosa)

The government has earned a total of MVR 7.3 billion during the very first quarter of this year. 

According to the statistics publicized by the Maldives Inland Revenue Authority (MIRA), the state income for the first quarter include MVR 6.3 billion from taxes and MVR 937 million from other sources. 

Looking further into the figures revealed that GST makes up the biggest chunk of tax income, that is 60 percent or MVR 1.3 billion.

 Four billion was earned as tax, MVR 1.6 billion was from income tax and MVR 262.6 million from departure tax in quarter one. 

During this time period, MIRA collected the largest amounts for airport development fee and resort leases. MVR 260.6 million as airport development fee and MVR 406.9 million was collected as resort rent. 

Compared to this year, for the same period last year the state earned only MVR 6.03 billion. 

According to MIRA, during March, there was a drop in earnings compared to last year. In March 2023 they collected MVR 2.19 billion, which is 1.2 percent lower than in 2022. However, it was 6.4 percent more than what was actually predicted for the month. 

The income for March was low mainly due to a drop in tax collection from companies and other parties that are not individuals, and non residence withholding tax, detailed MIRA. 

In addition to this, the authority noted that tourism related earnings increased in 2023, as arrivals surpassed the predicted numbers by four percent.  

MIRA’s earnings for the first quarter also includes USD 100.9