The Maldives government collected a quarterly revenue of MVR5.36 billion in Q4-2022, reported Maldives Inland Revenue Authority (MIRA).
The review for the review quarter increased by 25.1% when compared with the corresponding quarter of 2021. Additionally, this was a 53.9% improvement from initial projections for the quarter as well.
Moreover, the highest increment in the quarterly revenue when compared with the same quarter of 2021 was recorded from;
- Lease Period Extension Fee
- Income Tax
- Goods and Services Tax (GST)
- Airport Taxes and Fees
Additionally, the tourist arrivals from September to November 2022 exceeded tourist arrivals for the same period in 2021 by 2.7%.
Quarterly revenue exceeded the forecast due to the increment of GST (mainly from the tourism sector – TGST), Income Tax, Tourism Land Rent, and Airport Taxes and Fees. The state also received a receipt of USD72.50 million in Lease Period Extension Fee; which improved the state revenues when compared with the initial projection.
Revenue Composition
- Actual Revenue Q4-2021: MVR3.01 billion (tax) | MVR1.27 billion (non-tax) | MVR4.28 billion (total)
- Actual Revenue Q4-2022: MVR3.24 billion (tax) | MVR2.11 billion (non-tax) | MVR5.36 billion (total)
- Projection for Q4-2022: MVR2.67 billion (tax) | MVR0.80 billion (non-tax) | MVR3.48 billion (total)
Tax Revenues
MVR3.24 billion
- +7.7% | When compared to Q4-2021
- +21.2% | When compared to the projection for the quarter
Reasons for Tax Revenue Increment
- Tourist arrivals during the quarter exceeded compared to the same quarter of 2021 by 2.7%
- Number of departures increased leading to an increment in Departure Tax
- Departure Tax is levied based on flying class effective from 01st January 2022 (resulting in the higher collection)
- While there were no deadlines for Income Tax during the quarter, payments received for prior deadlines led to the increment
Non-tax Revenues
MVR2.11 billion
- 66.5% | When compared to Q4-2021
- +162.9% | When compared to the projection for the quarter
Reasons for Non-tax Revenue Increment
- Mainly from Lease Period Extension Fee, Work Permit Fee, and Airport Development Fee
- Airport Development Fee rate changed based on the flying class (effective from 01st January 2022) leading to an increment in the collection of the fee
Top Revenue Contributions of Q4-2022
- Goods and Services Tax (GST): MVR2.39 billion | 44.6%
- Lease Period Extension Fee: MVR1.11 billion | 20.8%
- Tourism Land Rent: MVR470.73 million | 8.8%
- Income Tax: MVR404.21 million | 7.5%
- Green Tax: MVR213.70 million | 4.0%