Maldives Inland Revenue Authority (MIRA) reports a total revenue of MVR 2.21 billion in December 2023, out of which 97.21 million was collected in US Dollar.
The total revenue collection for the month was however, a 15.4% decline compared to December 2022. This decrement was due to the Lease Period Extension Fee; which was one of the highest revenue contributors in December 2022.
Pursuant to the amendment on Lease Period Extension Fee regulation, one-off payment were made during December 2022 with a receipt of USD 57.50 million, which led to a steep increment of revenue in the said month.
However, there is no collection of Lease Period Extension Fee during December 2023, which led to this overall decrease.
Despite the drop in revenue compared to December 2022, it was still a 9.4% increment from the initial projection. Which came due to the increment in the collection of GST, Expatriate Quota Fee and Work Permit Fee.
Top Revenue Contributors
- GST: 54.8%
- Tourism Land Rent: 17.05%
- Income Tax: 5.14%
- Expatriate Quota Fee: 4.78%
- Airport Development Fee: 4.03%
In December 2023, MIRA collected MVR 1.49 billion in tax revenues and MVR 715.0 million in non-tax revenues.