Maldives state earned a total revenue of MVR 2.94 billion in March 2024, reports the Maldives Inland Revenue Authority (MIRA).
From the total earnings for the review month, MIRA said 119.67 million was earned in US dollars. Moreover, the total earnings in March 2024 was up 34.4% compared to the same month in 2023, during which earnings stood at MVR 2.19 billion.
MIRA said this increment was mainly due to the increase in the collection of the following income sources;
- Bank Income Tax
- TGST
- Tourism Land Rent
- Non-resident Withholding Tax
Additionally, payments related to the upcoming deadlines of Bank Income Tax were paid during March 2024, which led to the significant increment in the revenue.
Besides this, tourist arrivals in February 2024 increased by 22.2% compared to the corresponding month last year, which in turn drove up the tourism related revenues.
Furthermore, the revenue collection for the review month was 26.0% up from initial projections as well. This was due to the increase in the collection of Bank Income Tax and GST, MIRA added.
Top Revenue Contributors
- GST – 51.7%
- Income Tax – 20.1%
- Tourism Land Rent – 12.6%
- Green Tax – 3.6%
- Airport Development Fee – 3.6%
Out of the total MVR 2.94 billion revenue earned in March 2024, MIRA said state earned MVR 2.33 billion in tax revenues and MVR 611.3 million in non-tax revenues.