Maldives Inland Revenue Authority Reports MVR 3.60 Billion Revenue in January 2024

The Maldives Inland Revenue Authority (MIRA) has announced a total revenue collection of MVR 3.60 billion for January 2024. This represents a 5.7% increase over the same period in the previous year and a 12.2% increase compared to the initial January 2024 estimate.

The revenue surge is attributed to higher collections from several sources, including corporate income tax, General Goods and Services Tax (GST), bank profit tax, and expatriate quota fees. MIRA reports an 18.9% year-on-year increase in the second interim payment of income tax liabilities from companies and non-private individuals. Additionally, deadline payments rose, and commercial banks made substantial interim payments.

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The implementation of a revised GGST rate in February 2023 further impacted January 2024 revenues. Compared to January 2023, when no expatriate quota fees were collected, this revenue stream also contributed to the overall increase.

Higher-than-estimated earnings in areas such as corporate income tax, bank profit tax, and tourism land rent drove the January 2024 revenue total above projections.

Income tax remains the largest revenue source for MIRA, accounting for 46.62% (MVR 1.68 billion) of January 2024 receipts. GST was the second-largest contributor at 39.29% (MVR 1.41 billion). Other receipts included MVR 99.56 million in Green Tax, MVR 94.62 million in Airport Development Fees, MVR 92.23 million in departure tax, and MVR 220.38 million in miscellaneous taxes and fees. January 2024 revenue collections also included USD 16.14 million.

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