According to the Maldives Inland Revenue Authority (MIRA) September revenue report, they received MVR 1.18 billion in September 2023. This figure represents a 15.8% decline compared to what MIRA had earned in the corresponding period in the previous year. Moreover, it needs to catch up to the anticipated revenue for September 2023 by 19.4%.
As per MIRA’s report, the decrease in revenue for September 2023 compared to the same month in 2022 can be attributed mainly to reductions in income from various sources, including tourism land rent, GST, non-resident withholding tax, and corporate income tax.
This declined because the government declared a public holiday for the payment deadline of green tax and GST, subsequently rescheduling it to the first week of October 2023, as reported by MIRA. The deadlines for airport tax, fees, GST, and green tax were also extended to the first week of October 2023, resulting in a decrease in the expected revenue for September 2023, according to MIRA.
In September 2023, GST accounted for MIRA’’s accepted revenue at 44.2% or MVR 523.05 million. The subsequent highest revenue came from tourism land rents at 19.6% or MVR 232.29 million. Similarly, MVR 136.80 million (11.6%) was collected as income tax, MVR 71.19 million (6.0%) as airport development fee, MVR 67.73 million (5.7%) as departure tax and MVR 152.42 million (12.9%) as other taxes and fees.
The total revenue accepted in September 2023 was USD 49.62 million.
