In October 2023, the Maldives Inland Revenue Authority (MIRA) reported revenue of MVR 2.01 billion. This figure marks a 61.3% surge compared to the corresponding period last year and exceeds the projected revenue for October 2023 by 29.7%.
MIRA attributes this substantial increase to heightened collections from Goods and Services Tax (GST), tourism land rent, expatriate quota fees, and green tax. The extension of the payment deadline for GST, airport tax, fees, and green tax until the first week of October, as disclosed by MIRA, played a pivotal role in driving this surge.
Monthly revenue collection for October 2023 has been published. To read it please click: https://t.co/RfibsFmm3I pic.twitter.com/lnxTDVFJqc
— Maldives Inland Revenue Authority (@MIRAmaldives) November 9, 2023
The tourism sector emerged as a major contributor to the revenue boost, with MIRA reporting a 16.9% rise in tourist arrivals to the Maldives in September 2023 compared to the same period in 2022.
Furthermore, MIRA noted that the unexpected surge in revenue for October 2023 was partially influenced by the government’s decision to declare the last day of the critical tax deadline as an official holiday, coinciding with the presidential elections. Consequently, the deadline was postponed to the initial week of October 2023.
In terms of revenue distribution, GST dominated, constituting the largest share at 65.74%, equivalent to USD 1.32 billion. Following closely was income tax, contributing 8.02% or USD 161.47 million. Other significant sources included tourism land rent at MVR 152.82 million (7.59%), green tax at MVR 92.56 million (4.60%), airport development fee at MVR 77.19 million (3.83%), and other taxes and fees at MVR 205.72 million (10.22%).
US Dollar revenue stood at 77.10 million.
