State revenues increased by 45.3% in the first quarter of 2022, reaching a total of MVR6.01 billion according to Maldives Inland Revenue Authority (MIRA).
The revenue earned to the state during the review quarter had also observed a marked increment of 31.9% when compared with initial projection.
According to MIRA, the significant bump up in revenues was mainly due to the observed increment in the collections of TGST, Tourism Land Rent, GGST, Green Tax, Departure Tax and Airport Development Fee for the quarter.
Furthermore, revenue collection from Income Tax had significantly increased in the review quarter.
The total tax revenue collected for the review quarter stood at MVR4.82 billion, which is a 41.7% increase from the corresponding quarter in 2021. Additionally, the total tax revenue collection marked an increment of 37.7% from initial projection.
On the other hand, state collected a total of MVR1.19 billion in non-tax revenues for the review quarter, which is a staggering 62.0% increase when compared with the corresponding quarter in 2021.