MIRA collects MVR 2.93bn in July; 17% down from last year

The Maldives Inland Revenue Authority (MIRA) collected MVR 2.93 billion in revenue in July – a 17.1 percent decline compared to the same period last year.

Explaining the decrement, MIRA explained that GST and Income Tax deadlines were extended from June to July last year, as the original deadlines fell within the Eid al-Adha holidays, which resulted in a higher revenue collection.

No such deadline adjustments were granted during July this year.

While the revenue collection shows a decline compared to last year, it is 16.4 percent higher than the forecasted figure.

MIRA attributed this increment to several factors, the most significant of which was the pre-payment of the second interim Bank Income Tax for 2024, which is due in January 2025.

Maldives also saw a 2.4 percent increase in tourist arrivals in June 2024 compared to the same period last year, lead to a higher TGST collection. The receipt of late payments for Tourism Land Rent and additional dues collected through enforcement actions also contributed to the higher-than-projected revenue.

TOP REVENUE CONTRIBUTORS:

• Income Tax: MVR 1.47 billion (50.07 percent)
• GST: MVR 997.31 million (33.33 percent)
• Tourism Land Rent: MVR 116.28 million (3.96 percent)
• Airport Development Fee: MVR 77.83 million (2.65 percent)
• Departure Tax: MVR 75.05 million (2.56 percent)
• Others: MVR 217.78 million (7.43 percent)

The MVR 2.93 billion in revenue collected in July includes USD 75.77 million.