The Maldives Inland Revenue Authority (MIRA) has reported a substantial increase in revenue collection for August 2024, amounting to MVR 1.98 billion, marking a 24% rise compared to the same period in 2023. This increase is primarily attributed to higher collections from Non-Resident Withholding Tax, Corporate Income Tax, Goods and Services Tax (GST), and Green Tax.
The surge in revenue can be linked to the receipt of Capital Gains Withholding Tax and delayed payments from corporations and non-individuals towards Income Tax. Additionally, a 15% increase in tourist arrivals in July 2024, compared to the same period in 2023, contributed to a notable rise in tourism-related taxes, such as the Tourism Goods and Services Tax (TGST), Airport Development Fee, and Departure Tax.
MIRA’s report also highlighted that the total revenue collection for August 2024 exceeded forecasts by 34.5%. This was largely due to the unexpected receipt of Capital Gains Withholding Tax and late payments for Corporate Income Tax and Tourism Land Rent. The 9.3% higher-than-expected tourist arrivals in July 2024 further bolstered tourism-related tax revenues.
GST emerged as the largest contributor to the total revenue, accounting for 53.3%, followed by Income Tax at 23.9%. In terms of USD collections, TGST led with a 65.7% contribution, followed by the Airport Development Fee and Departure Tax, contributing 9.4% and 9.3%, respectively.
The report also reveals that overall revenue collection from January to August 2024 has reached MVR 19.65 billion, demonstrating a robust financial performance for the year.
