The Maldives government has generated a quarterly total of MVR7.33 billion in Q1-2023, according to Maldives Inland Revenue Authority (MIRA).
MIRA reported that the quarterly state revenue collection is a 21.4% increment compared to the same quarter in 2022, and is a 11.5% increment from initial forecast.
The authority also reported that the tourist arrivals for the taxable period of Q1-2023 was 20.1% higher than the corresponding quarter in 2022, which contributed towards the revenue increase.
The revenue exceeded forecast due to the increase in Goods and Services Tax (GST), Tourism Land Rent, Green Tax, and Airport Taxes and Fees collections.
MIRA confirmed a total tax revenue of MVR6.38 billion in Q1-2023 which is a 32.0% increase compared to the same quarter last year, and a 7.0% increase from projection.
On the other hand, non-tax revenue collection saw a 21.0% drop, from MVR1.20 billion in Q1-2022 to MVR950.76 million in Q1-2023. However, the non-tax revenue total for the quarter was still a 56.0% increase from projection.
Top Revenue Contributors
- Goods and Services Tax (GST): MVR4.12 billion | 56.1%
- Income Tax: MVR1.62 billion | 22.1%
- Tourism Land Rent: MVR407.0 million | 5.6%
- Green Tax: MVR298.1 million | 4.1%
- Airport Development Fee: MVR284.8 million | 3.9%
The state collected USD289.21 million of revenue during the review quarter, which is a 15.9% increase from the same quarter in 2022.