The Maldives government earned MVR 1.73 billion in revenues in October 2024, reports Maldives Inland Revenue Authority (MIRA).
According to MIRA, the earnings observed in the previous month this year is a 14.2% decrease compared to the corresponding month last year. This decrease is owed to the lack of a payment deadline extension in October this year unlike the same month in 2023.
Despite this, the revenue collection in October 2024 is still a significant 30.5% increase from initial projections. MIRA said this primarily due to higher GST collections along with receipts from Land Acquisition and Conversion Fee, increment in Green Tax, Expatriate Quota Fee, and Airport Taxes and Fees.
Top Revenue Contributors
- GST: 63.1% | MVR 1.09 billion
- Income Tax: 6.7% | MVR115.5 million
- Land Acquisition and Conversion Fee: 5.5% | MVR 94.7 million
- Green Tax: 4.4% | MVR 77.07 million
- Airport Development Fee: 4.4% | MVR 75.8 million
The total tax revenues collected in October 2024 stood at MVR 1.36 billion, while the total non-tax revenues collected in the month stood at MVR 367.5 million.