The total revenue collection in the first quarter of 2024 stood at MVR 8.89 billion, reports Maldives Inland Revenue Authority (MIRA).
According to MIRA, the quarterly revenue total is a 21.3% increment compared to the corresponding quarter last year, and a 19.5% above projections.
This increase is attributed mainly to an increase in tourist arrivals for the taxable period of the first quarter (from December 2023 to February 2024) by 13.1% compared to the corresponding quarter. Taxable bed-nights subject to green tax reported via the green tax returns submitted for the quarter by 7.5% compared to the corresponding period last year.
Departures from December 2023 to February 2024 increased by 7.4% compared to the same quarter of 2023 as well, which also reflected on an increment departure tax.
Tax revenue total for the quarter is MVR 7.70 billion, which is a 20.7% increase compared to the corresponding quarter last year, and a 20.5% increment from projections. Non-tax revenues for the quarter stood at MVR 1.19 billion, a 25.3% increase from Q1-2023 and a 13.5% increase from projections.
Additionally, MIRA collected 324.63 million out of the quarterly revenue total in US dollars, which is a 12.2% increase from the same quarter last year.
Top Revenue Contributors
- Goods and Services Tax – MVR 4.56 billion | 51.3%
- Income Tax – MVR 2.52 billion | 28.3%
- Tourism Land Rent – MVR 489.0 million | 5.5%
- Green Tax – MVR 316.2 million | 3.6%
- Airport Development Fee – MVR 303.5 million | 3.4%