MIRA Records MVR 24.74 Billion in Revenue

The Maldives Inland Revenue Authority (MIRA) reported a notable achievement in revenue collection for the past year, with a total of MVR 24.74 billion amassed. This figure represents a 6.5 per cent increase over the initial forecast for the year, which estimated revenue at MVR 23.06 billion. Despite challenges, this performance highlights the robustness of the Maldivian economy and the efficiency of MIRA’s revenue collection strategies.

In December 2023 alone, MIRA collected MVR 2.21 billion, although this was a 15.4 per cent decrease compared to the same period in 2022. The decline in December’s revenue was primarily attributed to a reduction in income from resort lease extension fees, which had previously formed a significant portion of the month’s total revenue. This decrease was despite the increase in the rate of 99-year extension fees, which saw resorts contributing USD 57.50 million in extension fees in 2022.

- Advertisement -

However, no revenue was recorded from resort lease extension fees in December of the last year. Despite this, the revenue collection for the month was 9.4 per cent higher than the projected estimates. This surplus was due to increased earnings from expatriate quota fees, general Goods and Services Tax (GST), and work permit fees, buoyed by higher-than-expected tourist arrivals during the month.

The largest contributor to MIRA’s revenue in the last month was the GST, with a collection of MVR 1.21 billion. Following closely was the income from tourism land rent, which amounted to MVR 377.51 million. Other significant revenue streams included income tax, which contributed MVR 113.87 million, expatriate quota fees at MVR 105.91 million, and airport development fees, which added MVR 89.21 million to the total revenue.

- Advertisement -