Maldives government collected a reported total of MVR 1.71 billion revenue in May 2023, according to Maldives Inland Revenue Authority (MIRA).
According to the taxation and revenue authority, the total collection recorded for the review month is a 30.4% increment compared to the same month in 2022. MIRA said that this increase is mainly attributed to the surge in the collection of TGST, Corporate Income Tax, GGST, Airport Development Fee and Departure Tax.
The change in GST rate led to a higher collection of GST compared to May 2022, added MIRA. Moreover, tourist arrivals of April 2023 had increased by 13.1% compared to April 2022 that contributed to the TGST and Airport Taxes and Fees collection increase.
Meanwhile, the revenue collection for the review month is a 1.8% increment from initial projection as well. This increment comes mainly because of the increase in the collection of Corporate Income Tax, Airport Development Fee and Departure Tax.
Top Revenue Contributors
- GST: 63.59% | MVR 1,088,499,779
- Income Tax: 12.41% | MVR 212,434,320
- Airport Development Fee: 6.68% | MVR 114,341,778
- Departure Tax: 5.91% | MVR 101,200,698
- Green Tax: 4.85% | MVR 83,095,791
The tax revenues total for the review month stood at MVR 1.5 billion and non-tax revenue total at MVR 221.1 million.