The Maldives Inland Revenue Authority (MIRA) released statistics for January 2024, revealing a 5.7% increase in revenue compared to January 2023.
This growth is primarily attributed to a rise in Corporate Income Tax, Goods and Services Tax (GST), Bank Profit Tax, and the collection of Expatriate Quota fees. The timely submission of second interim payments by corporations, non-individual taxpayers, and commercial banks led to higher Income Tax collection figures than in January of the previous year.
Additionally, the implementation of the new GGST rate in February 2023 played a role. As January 2023’s GGST revenue, calculated at the new rate, was reported and paid in February 2023, this led to a higher collection figure for January 2024. Furthermore, the introduction of the Expatriate Quota fee in March 2023 resulted in additional revenue for the Maldives in January 2024, as these fees were absent in the corresponding period of the previous year.
MIRA also reported that January 2024 revenue surpassed projections by 12.2%. This significant increase was driven by higher-than-anticipated collection figures for Corporate Income Tax, Bank Profit Tax, and Tourism Land Rent. Corporations, non-individuals, and commercial banks all submitted larger-than-expected second interim tax payments, contributing to the strong revenue performance.
