The Maldives government collects MVR 2.93 billion revenue, 75.77 million of which in US dollars, in July 2024, reports the Maldives Inland Revenue Authority (MIRA).
This revenue collection is a 17.1% decline from the same month last year. MIRA said that the GST and Income Tax deadlines during June 2023 was extended to July 2023, as those deadlines fell to the Eid-ul-Al’ha holidays, which resulted in a higher revenue collection last year.
No such deadline adjustments were granted during July this year.
Despite the decline compared to last year, the revenue collection in the review month is still 16.4% below the initial projection.
Top Revenue Contributors
- Income Tax: MVR 1.47 billion | 50.07%
- GST: MVR 977.3 million | 33.33%
- Tourism Land Rent: MVR 116.3 million | 3.96%
- Airport Development Fee: MVR 77.8 million | 2.65%
- Departure Tax: MVR 75.1 million | 2.56%
The state collected MVR 2.59 billion in tax revenues and MVR 346.2 million in non-tax revenues in July 2024.