The quarterly revenue for the fourth quarter of 2024 reached to a total of MVR 5.91 billion, reports Maldives Inland Revenue Authority (MIRA).
According to MIRA, the quarterly revenue for Q4-2023 is a 10% increment compared to the corresponding quarter in 2022, and a 10.4% increment from initial projection.
This improvement comes mainly due to major increase in revenues observed for TGST, GGST, Green Tax, Tourism Land Rent, and Airport Taxes and Fees. Additionally, the Expatriate Quota Fee commenced during 2023; which too contributed towards the revenue increment.
Moreover, Tourism Land Rent for Q4-2023 and the first quarter of 2024 was due during the fourth quarter last year, which contributed to this revenue increase. Furthermore, GST rates also increased at the beginning of 2023, which resulted in higher GST collection.
Besides this, the increase in tourist arrivals for the taxable period of Q3-2023 (from September to November) by 10.0% compared to the preceding quarter, led to a higher Airport Taxes and Fees and Green Tax collection.
Tax Revenues
MIRA reports a total of MVR 4.56 billion in tax revenues for the review quarter, which is a 40.3% increase from the same quarter in 2022. This figure is also an 8.6% increase compared to initial projections.
All tax revenues, except for Corporate Income Tax and Employee Withholding Tax have increased in the review quarter compared to Q4-2022.
The GST rate for GGST and TGST also increased effective January 1, 2023 which led to a significant bump upwards in the GST collection last year compared to the year before.
Non-Tax Revenues
According to MIRA, the state collected MVR 1.35 billion in non-tax revenues, which is a staggering 36.3% decline compared to the fourth quarter in 2022. However, it was still a 16.9% improvement over the initial projections for the quarter.
Non-tax revenue total saw a decrement of MVR 771.59 million, mainly due to the absence of Lease Period Extension Fee during Q4-2023, along with Vehicle Fee and Vessel Fee as well.
Furthermore, the leniency granted in paying the Lease Period Extension Fee of resorts ceased after December 2022, and as such the state did not received this payment during the quarter.
Top Revenue Contributors
- GST: MVR 3.66 billion | 61.9%
- Tourism Land Rent: MVR 564.91 million | 9.6%
- Income Tax: MVR 386.10 million | 6.5%
- Green Tax: MVR 258.93 million | 4.4%
- Airport Development Fee: MVR 247.21 million | 4.2%