State Revenue Hits MVR 2.33 Billion in February, Outpaces 2023 Collections and 2024 Projections

The Maldives Inland Revenue Authority (MIRA) reported state revenue of MVR 2.33 billion in February, a 33.7% increase year-over-year and 22.3% above forecast. The rise was driven by higher GST, bank profit tax, and expatriate quota fees. Tourism GST (TGST) grew 11.5% due to increased tourist arrivals in January. GST contributed 70% of revenue (MVR 1.63 billion), income tax 10% (MVR 246.36 million), green tax 4.4% (MVR 102.85 million), airport development fees 3.9% (MVR 91.08 million), departure tax 3.8% (MVR 89.48 million), and other taxes 7.9% (MVR 168.78 million). Revenue also included US$100.34 million.

The Maldives Inland Revenue Authority (MIRA) reported state revenue of MVR 2.33 billion in February, a 33.7% increase year-over-year and 22.3% above forecast. The rise was driven by higher GST, bank profit tax, and expatriate quota fees. Tourism GST (TGST) grew 11.5% due to increased tourist arrivals in January. GST contributed 70% of revenue (MVR 1.63 billion), income tax 10% (MVR 246.36 million), green tax 4.4% (MVR 102.85 million), airport development fees 3.9% (MVR 91.08 million), departure tax 3.8% (MVR 89.48 million), and other taxes 7.9% (MVR 168.78 million). Revenue also included US$100.34 million.

The Maldives Inland Revenue Authority (MIRA) reported state revenue of MVR 2.33 billion in February, a 33.7% increase year-over-year and 22.3% above forecast. The rise was driven by higher GST, bank profit tax, and expatriate quota fees. Tourism GST (TGST) grew 11.5% due to increased tourist arrivals in January. GST contributed 70% of revenue (MVR 1.63 billion), income tax 10% (MVR 246.36 million), green tax 4.4% (MVR 102.85 million), airport development fees 3.9% (MVR 91.08 million), departure tax 3.8% (MVR 89.48 million), and other taxes 7.9% (MVR 168.78 million). Revenue also included US$100.34 million.

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