TGST revenue exceeds projections by 16.9% in Q2

According to statistics released by the Maldives Inland Revenue Authority (MIRA), revenue collected from the Tourism Goods and Services Tax (TGST) during the second quarter of this year exceeded the Authority’s projections by 16.9 percent.

MIRA collected MVR 2.49 billion in TGST during the second quarter, representing a 16.9 percent increase compared to the initial revenue forecast for the period.

MIRA attributed the higher-than-expected TGST collection to an increase in the number of taxpayers filing and paying the tax.

Despite exceeding projections, TGST revenue during the second quarter declined by 8 percent compared to the corresponding period last year.

Overall, MIRA collected MVR 6.05 billion in total tax revenue during the quarter, including collections made in US Dollars. This represents a one percent increase compared to the revenue recorded during the same period last year.

Notably, the government increased the TGST rate from 16 percent to 17 percent, effective July 1 of last year.

In addition, following amendments to the Airport Taxes and Fees Act, the government has scheduled increases to the Airport Development Fee (ADF) and Departure Tax, effective December 1, 2024.