The Maldives Inland Revenue Authority (MIRA) has disclosed a notable increase in revenue for November 2023, amounting to MVR 1.67 billion. This figure represents a 10.5% rise compared to the same period in the previous year and exceeds the projected amount for September 2023 by 9.3%.
MIRA attributes the heightened revenue in November 2023 to increased collections in Goods and Services Tax (GST) and Tourism Goods and Services Tax (TGST) due to higher GST rates. The authority also acknowledges a surge in revenue from accepting unpaid expatriate quota fees and tourism land rent for the current year.
The tourism sector’s contribution to the increased revenue is highlighted, with MIRA reporting a 3.5% rise in tourist visits to the Maldives in October 2023 compared to October 2022.
MIRA further explains that the unexpected surge in revenue for November 2023 is primarily driven by higher-than-anticipated collections in expatriate quota fees, TGST, tourism land rent, taxes on the income of both companies and individuals and work permit fees. The settlement of pending dues, including income tax, TGST, and tourism land rent, also contributed to the overall increase.
Breaking down the revenue sources for November 2023, GST constituted the majority at 67.16%, totalling MVR 1.12 billion. Income taxes followed, accounting for 6.60% or MVR 110.70 million. Green tax contributed MVR 84.35 million (5.10%), while the airport development fee and departure tax stood at MVR 74.33 million (4.50%) and MVR 72.93 million (4.34%), respectively. Other taxes and fees made up 12.30%, MVR 205.10 million.
Regarding accepted revenue for November 2023, MIRA recorded USD 69.32 million.
