According to the statistics revealed by the Maldives Inland Revenue Authority (MIRA), a total of MVR 2.94 billion was collected in for March 2024, with a total of gathered, marking a substantial increase of 34.4% compared to the same period last year.
This surge in revenue is attributed to several key factors, including a notable rise in collections from Bank Income Tax, Tourism Goods and Services Tax (TGST), Tourism Land Rent, and Non-resident Withholding Tax.
One of the significant contributors to this increase was the timely payment of obligations related to Bank Income Tax, coinciding with impending deadlines.
Additionally, the nation witnessed a commendable uptick in tourist arrivals, up by 22.2% in February 2024 compared to the previous year, which consequently boosted revenues from the tourism sector.
Moreover, March 2024 exceeded revenue forecasts by 26.0%, reaching a staggering 25.6% increment primarily due to heightened collections in Bank Income Tax and GST.
The surge in tourist arrivals, surpassing forecasts by 14.1%, further bolstered revenue from the tourism sector, surpassing initial projections.
Contribution to Total Revenue
The breakdown of contributions to total revenue reveals that GST remains the top revenue contributor, constituting 51.7% of the total, followed by Income Tax at 20.1%, and Tourism Land Rent at 12.6%. Green Tax, Airport Development Fee, and other sources collectively account for the remaining 15.6%.
Contribution to USD Revenue
In terms of USD revenue, TGST takes the lead, contributing 60.96% of the total, followed by Tourism Land Rent at 20.19%, and Green Tax at 6.20%. Airport Development Fee, Departure Tax, and other sources make up the remaining 12.75%.
Tax Revenues Comparison (March 2023 vs. March 2024)
Comparing tax revenues between March 2023 and March 2024, there is a notable increase in collections for the latter period. In March 2024, tax revenues amounted to MVR 981,913,894 and USD 270,329,381, accounting for a total of MVR 7,698,595,031, with a share of revenue at 79.2%. This signifies a substantial improvement from March 2023, where tax revenues stood at MVR 547,057,386 and USD 74,416,283, totalling MVR 1,689,159,050, with a share of revenue at 77.3%.
