Maldives Inland Revenue Authority (MIRA) reports a total revenue of MVR 2.05 billion for the government in June 2024, up 26.8% compared to the same month last year.
According to MIRA, this increase is owed mainly to the increase in Corporate Income Tax, GST and Tourism Land Rent. Besides this the Income Tax Filing and Payment deadline was extended during June 2023 whereas no such extensions were made during June this year.
Despite observing a moderate increment in terms of year-on-year numbers, the total revenue collection still saw a 28.8% below project level. This was due to the decrement in the collection of Corporate Income Tax, Bank Profit Tax and Tourism Land Rent.
During 2024, advance payments were received for Corporate Income Tax and Bank Income Tax as taxpayers opted to pay prior to the deadline.
Top Revenue Contributors
- GST – 36.49% | MVR 748.5 million
- Income Tax – 30.69% | MVR 629.5 million
- Tourism Land Rent – 16.74% | MVR 343.4 million
- Departure Tax – 3.98% | MVR 81.6 million
- Airport Development Fee – 3.98% | MVR 81.6 million
In June 2024, state generated MVR 1.53 billion in tax revenues and MVR 524.7 million in non-tax sources. From January to June end, the state had collected MVR 14.74 billion in total revenues out of which MVR 12.5 billion came from tax sources and MVR 2.23 billion from non-tax sources.