The Maldives Inland Revenue Authority (MIRA) has released its latest statistics, revealing total revenue collection for April reached MVR 2.11 billion, including USD contributions, marking a significant uptick of 13.6% compared to last year.
Several key factors have been attributed to this surge in revenue. Notably, collections were substantially increased from Goods and Services Tax (GST), Airport Taxes and Fees, and Green Taxes. This growth was underpinned by a notable rise in tourist arrivals, up by 11.9% in March 2024 compared to the previous year, which stimulated revenues from the tourism sector.
March 2024 also exceeded revenue forecasts by 4.8%, with collections primarily bolstered by heightened receipts in Tourism Goods and Services Tax (TGST), Airport Taxes and Fees, and Green Tax. The unexpected surge in tourist arrivals, exceeding forecasts by 8.3%, significantly surpassed revenue projections. Moreover, the timely receipt of overdue payments for TGST further propelled revenue collections, surpassing initial forecasts.
Contribution to Total Revenue
When broken down by their contribution to total revenue, GST emerged as the top revenue contributor, constituting 68.7%, followed by Income Tax at 7.0%. Airport Development Fee, Departure Tax, and Green Tax also contributed substantially, reflecting the diversified revenue streams contributing to economic growth.
Contribution to USD Revenue
In terms of USD revenue, Tourism Goods and Services Tax (TGST) led the pack, accounting for 71.9% of the total USD revenue. This was followed by contributions from Airport Development Fee, Departure Tax, Green Tax, and Tourism Land Rent, emphasizing the significant role of tourism-related activities in generating foreign exchange earnings.
Tax Revenues Comparison (April 2023 vs. April 2024)
Comparing tax revenues between April 2023 and April 2024, there is a notable increase in collections for the latter period. In April 2024, tax revenues amounted to MVR 605,984,494 and USD 80,169,127, totaling MVR 1,835,529,948, with a revenue share at 86.9%. This is a substantial improvement from April 2023, where tax revenues stood at MVR 557,790,590 and USD 64,913,931, totaling MVR 1,551,616,117, with a revenue share at 83.5%.
