According to the latest updates from Maldives Inland Revenue Authority (MIRA) the state government collected a revenue total of MVR4.28 billion during the last quarter of 2021.
Moreover, according to the taxation and revenue authority the revenue collected in the review period observed a 126.0% growth when compared with the corresponding quarter in 2020.
In addition to this, the revenue collection for the review period also increased by 47.4% when compared with initial projections for the quarter.
MIRA reported that the hike in revenue collection is mainly attributed to the increment in TGST, GGST, Tourism Land Rent, Green Tax, Airport Development Fee and Airport Service Charge.
Apart from this, the receipt of Lease Period Extension Fee, collected in the review quarter had also pushed up the total revenue figure up.
Furthermore, MIRA had reported that in light of tourism arrival growth by 6 times the number of arrivals in Q4-2020, tourism related taxes showed a steep increment while non-tax revenues related with the tourism industry had also observed increment.
Additionally, the commencement in collection of deferred rent for Q3-2020 and Q4-2020 commenced from June 2021 onward, which reflected on Tourism Land Rent collection increasing by 86.7%, compared to the final quarter of 2020.
During the period, state collected a total of MVR3.01 billion in tax revenues, which observed a 122.2% growth when compared with the corresponding quarter in 2020 and a 49.0% growth when compared with initial projections.
On the other hand, state collected a total of MVR1.27 billion in non-tax revenues which had observed a 135.5% growth when compared with Q4-2020 and a 43.6% increment when compared with initial projections.