The total revenue collected to the Maldives state increased by 126.0% in the last quarter of 2021 when compared with the same quarter of 2020, according to Maldives Inland Revenue Authority (MIRA).
The authority confirmed that the total revenue to the state during the review quarter’s end reached MVR4.28 billion. Additionally, the figure indicated a 47.4% increment from the initial projects as well.
As per the taxation and revenue authority, tax sources such as TGST, GGST, and Green Tax were strong collection sources to the state while non-tax sources such as Tourism Land Rent had contributed heavily during the quarter.
The authority observed an 86.7% increment of Tourism Land Rent collections during the last quarter of 2021 while receipt of USD15 million as Lease Extension Fee, collected in the quarter further contributed towards the significant bump.
Meanwhile, the Maldives state collected MVR3.01 billion in tax revenues and MVR1.27 billion in nontax revenues.
Tax revenues collection for the review period increased by 122.2% compared to the same quarter of 2020. Additionally, tax revenues observed a 49.0% increment when compared with initial projections.
On the other hand, nontax revenues collection observed a 135.5% increase when compared with the corresponding quarter in 2020 while a 43.6% improvement was observed when compared with initial projections.