The Maldives Inland Revenue Authority (MIRA) has reported a significant rise in revenue for November 2024, with total collections reaching MVR 1.89 billion, marking a 13.2% increase compared to the same period in 2023. This growth is attributed to key one-off payments, including Land Acquisition and Conversion Fees, Lease Period Extension Fees, and higher Airport Taxes and Goods and Services Tax (GST).
The increase in Airport Taxes and Fees was supported by an 8.5% year-on-year rise in tourist arrivals in October 2024, reflecting the ongoing recovery and expansion of the nation’s tourism sector.
November 2024 revenue also exceeded projections by 19.7%, largely due to the receipt of Land Acquisition and Conversion Fees and Lease Period Extension Fees. These payments significantly contributed to the strong overall performance, enhancing the country’s fiscal stability.
Of the total revenue, USD 88.17 million was collected in foreign currency, with Goods and Services Tax (GST) and Land Acquisition and Conversion Fees forming the largest shares.
As the Maldives continues to leverage its tourism-driven economy, these results highlight positive progress in revenue generation, supporting economic growth and fiscal resilience.
