The Maldives government earned MVR 7.21 billion during the third quarter of 2024, which is a 14.1% increase compared to the corresponding quarter last year.
According to the Maldives Inland Revenue Authority (MIRA) in its quarterly review for this year’s third quarter, the revenue collection observed a 22.5% increase compared to initial projections as well.
MIRA further reports that an increase in tourist arrivals for the taxable period of the third quarter by 11.0% compared to the same quarter in 2023. The taxable bed nights subject to green tax reported via green tax returns submitted for the third quarter this year increased by 8.6% compared to the same quarter last year.
Departures from June 2024 to August 2024 also saw an increment by 10.3% compared to the same quarter of 2023.
Tax revenues collected during the third quarter reached MVR 5.69 billion; which is a 6.7% increase compared to the same quarter last year, and a 12.2% increment from initial projections. The non-tax revenues collected during the review quarter stood at MVR 1.53 billion; which is a 53.6% compared to the corresponding quarter of 2023, and a whopping 85.8% increase compared to initial projections.
The revenue collected during the review quarter consists of USD 240.65 million as well; which is an 11.0% increment compared to the same quarter last year.
Top Revenue Contributions
- GST: MVR 3.06 billion
- Income Tax: MVR 1.92 billion
- Tourism Land Rent: MVR 508.32 million
- Airport Development Fee: MVR 270.46 million
- Departure Tax: MVR 264.83 million