The Maldives state collected a total revenue of MVR 5.84 billion during the second quarter of 2024, reports the Maldives Inland Revenue Authority (MIRA).
According to MIRA’s second quarter statistics, revenue collection for the review quarter is a 12.6% jump compared to the same quarter last year, but a 10.7% decline compared to initial projections.
MIRA said the review quarter’s earnings increased owing to the 5.2% increment in tourist arrivals from March to May 2024 compared to the same period last year. The taxable bed nights subject to green tax, reported via green tax returns submitted for Q2-2024, increased by 7.4% as well.
Additionally, departures from March to May increased by 4.7%, which drove up departure tax during the review period.
During the review quarter, the state earned MVR 4.80 billion in tax revenues, a 13.1% increment, while the non-tax earnings for the quarter stood at MVR 1.04 billion, which is a 10.2% increment from the same period in 2023.
Out of the total revenue collected, the state earned 236.02 million in US dollars, which is equivalent to MVR 3.62 billion, while another MVR 2.22 billion was earned in Maldivian currency.
Top Revenue Contributors
- Goods and Services Tax: MVR 3.30 billion | 56.5 percent
- Income Tax: MVR 956.01 million | 16.4 percent
- Tourism Land Rent: MVR 420.75 million | 7.2 percent
- Airport Development Fee: MVR 291.76 million | 5.0 percent
- Departure Tax: MVR 286.38 million | 4.9 percent
During the review quarter, MIRA conducted 1,657 compliance visits, completed 7 criminal investigations related to various offenses, and enforced the collection of MVR 639.3 million from multiple parties.
