The government collected MVR 8.89 billion revenue in the first quarter of 2024, reports Maldives Inland Revenue Authority (MIRA); a 21.3% increase compared to the same quarter in 2023.
Quarter Highlights
- Tourist arrival increment for the taxable period of Q1-2024 (from December 2023 to February 2024) by 13.1% compared to same quarter last year
- Taxable bed-nights subject to green tax reported via the green tax returns submitted for Q1-2024 increased by 7.5% compared to the same quarter in 2023
- Departures from December 2023 to February 2024 increased by 7.4% when compared to corresponding quarter of 2023
Revenue Composition
For the first quarter, 87% of the total revenue came from tax sources and the remaining 13% from non-tax revenue sources.
Tax Revenues
- Total: MVR 7.70 billion
- Compared to Q1-2023: +20.7%
- Compared to projection: +20.5%
Non-Tax Revenues
- Total: MVR 1.19 billion
- Compared to Q1-2023: +25.3%
- Compared to projection: +13.5%
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%