The Maldives government, via the Maldives Inland Revenue Authority (MIRA), collected a revenue of MVR 1.98 billion for the month of August 2024, a 24% increment from the corresponding month of 2023.
Out of the total, 62.82 million was collected in US dollars.
MIRA reports this increase is mainly due to the significant increment in Non-Resident Withholding Tax, Corporate Income Tax, GST and Green Tax.
Receipt of Capital Gains Withholding Tax in August and late payment of Income Tax from Corporate and non-individual led to the favorable outcome in the review month. Moreover, tourist arrivals for July 2024 increased by 15% compared to the same month last year.
Top Revenue Contributors
- GST: 53.3% | MVR 1.06 billion
- Income Tax: 23.9% | MVR 473 million
- Airport Development Fee: 4.6% | MVR 90.8 million
- Departure Tax: 4.5% | MVR 89.1 million
- Green Tax: 4.4% | MVR 87.1 million
From the total revenue collected for the review month, state earned MVR 1.7 billion in tax revenues and MVR 271 million in non-tax revenues.