Maldives Inland Revenue Authority (MIRA) reports that the state had collected a total revenue of MVR 1 billion in October 2021 out of which 38.20 million was collected in USD.
Moreover, the revenue and taxation authority confirms that the revenue collection in the review observed an increment of 155.7% when compared with the same period in 2020.
MIRA further reported that this increment is directly resultant from the increase in TGST, Green Tax as well as airport taxes and fees in the review month. Moreover, tourist arrivals in September 2021 was comparatively higher than the arrivals in the same month in 2020 which further reflected the increment in the following month.
Furthermore, the revenue collection in October is a 39.2% improvement over the initial projections for the period owing to the increment in the collection of GST and tourism land rent from previous deadlines.
GST remained as the strongest revenue stream with 58.4% of the revenue directed from the source while Income Tax shared 11.8% of the revenue total.
In addition to this, the state collected a total of MVR813.1 million in tax revenues while it had collected the remaining MVR187.7 million in non-tax revenues.