State earns MVR 2.30 Bil, up 93.1 percent: MIRA

The Maldives state has earned a revenue of MVR 2.30 billion in September 2024, which is a 93.1 percent increment compared to the same month last year.

According to the Maldives Inland Revenue Authority (MIRA), which published the revenue report, this significant increment is mainly due to the significant increment in GGST, TGST and Tourism Land Rent along with the receipt of Lease Period Extension Fee and Land Acquisition and Conversion Fee.

Moreover, this increment is also a 28.7 percent increment compared to initial projections, which MIRA said was mainly due to the receipt of the Lease Period Extension Fee and the Land Acquisition and Conversion Fee.

State earned the most from Goods and Services Tax (GST), which shared 44.5 percent of the entire revenue collection in the review month. Tourism Land Rent was the second highest earner to the state with a share of 15.7 percent of the total revenue, while Lease Period Extension Fee contributed 10.0 percent share of the total earnings in the review month.

Top Revenue Contributors

1. GST: 44.5 percent | MVR 1.02 billion
2. Tourism Land Rent: 15.7 percent | MVR 360.8 million
3. Lease Period Extension Fee: 10.0 percent | MVR 229.9 million
4. Income Tax: 7.6 percent | MVR 174.9 million
5. Airport Development Fee: 4.4 percent | MVR 101.8 million

State earned MVR 1.39 billion out of the total revenue in tax sources and the remaining MVR 908.4 million in non-tax sources.