MIRA Reports MVR 20.6 Billion in Tax Revenue Last Year

The Maldives Inland Revenue Authority (MIRA) reported a total tax revenue of MVR 20.62 billion for 2023. According to the authority’s 2023 annual report, this is a 28.2% increase compared to 2022 and exceeds the 2023 projection by 4.9%.

Meanwhile, non-tax revenue for 2023 amounted to MVR 4.24 billion, marking a 29.8% decrease compared to 2022 but surpassing the 2023 projection by 18.9%. MIRA notes they collected 75.5% of the government’s total revenue in 2023.

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MIRA reported USD contributions in 2023 totalled USD 949.74 billion, contributing 58.6% to the total revenue, marking a 6.1% increase from 2022. The authority states this increase was primarily driven by higher revenues from the Tourism Goods and Services Tax (TGST) and Airport Taxes and Fees, supported by an increase in the TGST rate and a 12.83% rise in tourist arrivals.

The report highlights that the TGST rate was increased to 16% in 2023, while the GGST rate rose to 8%. Despite facing challenges, total TGST revenue reached MVR 8.78 billion, a 33.0% increase from 2022, though it fell short of the projection by 2.5%.

The total GST revenue in 2023 was MVR 13.32 billion, marking a 36.0% increase from 2022 and slightly below the 2023 projection. The tourism sector contributed 66.3% to the total GST revenue.

According to MIRA figures, the tourism sector generated a total revenue of MVR 80 billion last year. In 2022, tourism businesses generated MVR 78.8 billion in revenue, 2.3% more than the previous year.

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