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The Maldives Inland Revenue Authority (MIRA) has reported a total revenue reaching MVR 8.89 billion for the first quarter of 2024, representing a 21.3% increase compared to last year and 19.5% more than initial projections.
MIRA attributed the surge in revenue mainly to a significant rise in tourist arrivals during the taxable period from December 2023 to February 2024.
Tourist arrivals increased by 7.5% compared to the corresponding quarter in the previous year, contributing to heightened economic activity and increased tax collections.
Of the total revenue collected, MVR 7.70 billion was generated through taxation, marking a substantial 20.7% increase from the first quarter of 2023.
Non-tax revenue also saw a notable surge, totalling MVR 1.19 billion, representing a 25.3% increase from last year.
MIRA collected $324.63 million in foreign currency earnings during the first quarter, reflecting a 12.2% increase from the corresponding quarter of 2023.
The Goods and Services Tax (GST) generated MVR 4.56 billion, making it the top revenue contributor, followed by Income Tax with MVR 2.52 billion.
Additionally, revenue from Tourism Land Rent, Green Tax, and Airport Development Fees amounted to MVR 489.0 million, MVR 316.2 million, and MVR 303.5 million, respectively.
