Maldives government has generated a revenue of MVR 6.32 billion in Q3-2023, which is a 17.3% increment compared to the same quarter last year.
Despite this improvement, the total revenue for the review quarter was still 1.0% lower than projections.
During the quarter, increments were observed from Income Tax from companies and non-individuals, TGST, GGST, Tourism Land Rent, Individual Income Tax, and airport taxes and fees.
On the other hand, Bank Income Tax and Non-resident Withholding Tax declined compared to the revenue collected in Q3-2022.
Out of the total revenue collected to the state, MVR 5.33 billion came through taxes, which showed a 33.0% increment from the same quarter last year, but a 2.5% decline from projections. The state collected MVR 993.52 million in non-tax revenues for the quarter, which is a 28.1% decline compared to Q3-2022, but a 7.3% increase compared to the projections.
During the quarter, MIRA collected 216.88 million out of the total quarterly revenue in US Dollars; which is a 17.1% increment compared to the revenue collected in dollars in Q3-2022.
Top Revenue Contributors
- Goods and Services Tax (GST): MVR 2.68 billion
- Income Tax: MVR 2.17 billion
- Tourism Land Rent: MVR 441.37 million
- Airport Development Fee: MVR 228.46 million
- Departure Tax: MVR 220.79 million