According to Maldives Inland Revenue Authority (MIRA) the state collected a revenue of MVR3.90 billion during the third quarter of 2021.
Moreover, this marks a 21.1% increment when compared with the same quarter in 2020 and a 5.8% improvement over initial projections for the review quarter.
Furthermore, MIRA notes that the increase in the quarterly revenue is mainly due to the surge in the collections of TGST, Tourism Land Rent collection along with other tourism related revenues such as Green Tax and airport fees and charges.
In addition to this, resorts with the highest market-share had also reported significant increases in their sales and reported higher Average Daily Rate as well.
On top of this, collection of deferred rent in 2020 had commenced from June 2021 onwards which in turn drove up the quarterly revenue.
According to MIRA, the facilitation of online payment for all taxes and fees collected by the authority and dues collection via installment plans granted under the leniencies given to taxpayers during Covid-19 lead to the increment in revenue as well.
Tax revenues collected during the third quarter stood at MVR2.99 billion which is a 2.4% increment when compared with the corresponding quarter of 2020 and a 7.1% increment from initial projections for the review quarter.
Meanwhile, non-tax revenues collected in the third quarter reached MVR912.4 million which is a 201.7% increment when compared with Q3-2020 and a 1.6% improvement over initial projections.