Maldives Inland Revenue Authority (MIRA) reports a total revenue of MVR 1.67 billion for the month of November 2023.
According to statistics, this is a 10.5% increment over the same month in 2022. The increment is mainly owed to the increase in the collection of tax sources such as the TGST, GGST, and their respective rate hike in 2023.
Additional to this, the expatriate quota fee in 2023, along with dues collection of Tourism Land Rent led to the favorable outcome for the review month, while tourist arrivals in October 2023 increased by 3.5% which led to an increment in tourism-related revenues, carried forward to the review month.
Top Revenue Contributors
- GST: 67.16%
- Income Tax: 6.60%
- Green Tax: 5.10%
- Airport Development Fee: 4.50%
- Departure Tax: 4.34%
The total collection is also 9.3% above projections, contributed from the increment in the collection of expatriate quota fee, TGST, tourism land rent, Corporate Income Tax, and Work Permit Fee.
The total tax revenues collected in November stood at MVR 1.4 billion, and the total non-tax revenues stood at MVR 269.1 million.