MIRA reports MVR 2.33 b revenue in Feb, up 33.7%

Maldives Inland Revenue Authority (MIRA) headquarters. (File Photo/Sun/Fayaz Moosa)

The state has collected a total revenue of MVR 2.33 billion in February 2024, according to Maldives Inland Revenue Authority (MIRA).

MIRA said the total revenue for February is up 33.7% compared to the same month last year, mainly due to the increase in tax receipts including TGST, GGST, Bank Profit Tax as well as the Expatriate Quota Fee.

Besides this, tourist arrivals in January this year increased 11.5% compared to the same month in 2023, leading to an increase in toursm-related taxes and fees.

Late payments of Bank Income Tax were also collected during the review month and the receipt of Expatriate Quota fee contributed to favorable outcome in February.

 The revenue collected in February is also a 22.3% increment from initial forecast, which is mainly due to the increase in GST, late payment towards Bank Income Tax, and Tourism Land Rent.

MIRA also reports state collected 100.34 million from the total revenue in US dollars.

Top Revenue Contributors:

  1. GST: 70.1%
  2. Income Tax: 10.6%
  3. Green Tax: 4.4%
  4. Airport Development Fee: 3.9%
  5. Departure Tax: 3.8%