The Maldives government generated a revenue of MVR 1.66 billion for May 2024 – out of which 66.57 million in US dollars.
This revenue total is a 4.8% drop compared to the same month last year, mainly due to the decline in Corporate Income Tax, GGST, and Airport Taxes and Fees.
Furthermore, though there was deadline for Income Tax in May, some taxpayers opted to pay for upcoming deadlines during May 2023. In the same month this year, mostly dues were collected.
Besides that, GGST collection slightly declined due to non-payment of tax by the deadline during the review month. Moreover, Airport Taxes and Fees saw decline since departures of April 2024 had slightly dropped by 0.9% compared to the same month last year.
Top Revenue Contributors
- GST – MVR 1.09 billion | 66.19%
- Income Tax – MVR 149.3 million | 9.0%
- Airport Development Fee – MVR 96.6 million | 5.83%
- Departure Tax – MVR 93.7 million | 5.66%
- Green Tax – MVR 85.2 million | 5.15%