State collects MVR 2.05 Bil revenue in June, up 26.8 percent

The Maldives government collected a total revenue of MVR 2.05 billion in June 2024, up by 26.8 percent compared to the corresponding month last year.

According to the latest statistics from Maldives Inland Revenue Authority (MIRA), the revenue increment in June this year was mainly due to the increment in Corporate Income Tax, GST and Tourism Land Rent.

Additionally, the Income Tax Filing and Payment deadline was extended during June last year due to Eid holidays, whereas there was no such deadline in the same month this year.

Despite a notable increment in revenues on a year-on-year basis, the revenues collected in June were still 28.8 percent below projections.

MIRA said this was due to the drop in the collection of Corporate Income Tax, Bank Profit Tax, and Tourism Land Rent.

Moreover, during this year, MIRA received advance payments for Corporate Income Tax and Bank Income Tax as taxpayers opted to pay before the deadline.

Additionally, there was decrement in Tourism Land Rent and GST due to non-payment.

Top Revenue Contributors

01 – GST: MVR 748.5 million

02 – Income Tax: MVR 629.5 million

03 – Tourism Land Rent: MVR 343.4 million

04 – Departure Tax: MVR 81.6 million

05 – Airport Development Fee: MVR 81.6 million

GST collection in June 2024 saw significant improvement from MVR 474.3 million collected in the same month last year, while Income Tax saw a moderate increment in the review month this year from MVR 604.2 million collected in June 2023.

Similarly, Tourism Land Rent, which is a non-tax revenue stream, increased to MVR 343.4 million in June this year from MVR 231.1 million in the same month last year. Departure Tax rose to MVR 81.6 million from MVR 70.1 million in the corresponding month of 2023, while Airport Development Fee’s June 2023 collection stood at MVR 66.2 million.

From the total revenue for June 2024, MIRA collected 76.57 million in US Dollars.

The tax revenue total of the review month stood at MVR 1.53 billion while the non-tax revenue total stood at MVR 413.6 million.

In annual terms, from January to June end of 2024, the state has collected a total revenue of MVR 14.74 billion out of which MVR 12.5 billion originated from tax sources and the non-tax revenue total stood at MVR 2.23 billion.