Maldives Tax Revenue in February 2024 Surpasses Estimates

The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in tax revenue for February 2024, reaching MVR 2.33 billion. This marks a 33.7% rise compared to the same period in 2023 and a 22.3% surplus against the February 2024 forecast.

MIRA attributes the revenue boost to several factors. Increased Goods and Services Tax (GST) collections, higher bank profit tax, and the introduction of expatriate quota fees have played a major role. The 11.5% growth in tourist arrivals during January 2024 compared to January 2023 directly contributed to higher TGST revenue. Additionally, the collection of previously unpaid bank income tax dues further enhanced the figures.

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The February 2024 revenue exceeded projections due to higher-than-expected GST collections, timely settlement of outstanding bank income tax, and tourism land rent payments. Furthermore, tourist arrivals in January 2024 surpassed forecasts by 4%, further driving revenue.

GST remains the primary source of revenue for MIRA, accounting for 70.1% (MVR 1.63 billion) of the total in February 2024. Income tax follows as the second-largest contributor at 10.6% (MVR 246.36 million). Other significant sources include Green Tax (MVR 102.85 million), Airport Development Fees (MVR 91.08 million), and Departure Tax (MVR 89.48 million).

The February 2024 revenue includes USD 100.34 million in foreign currency.

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