MIRA Collects Over MVR 24 Billion in Revenue for 2023, Exceeds Projections by 6.5%

The Maldives Inland Revenue Authority (MIRA) collected MVR 24.7 billion in revenue for 2023, exceeding projections by 6.5%. The initial estimate was MVR 23.06 billion, later revised to MVR 23.2 billion. December 2023 revenue was MVR 2.21 billion, down 15.4% from December 2022 but 9.4% above forecast. The decline was due to no resort lease extension fees in December 2023, compared to US$57.50 million in December 2022 from the Tourism Extension Fees regulation. Tax revenue breakdown: GST (54.8%), tourism land rent (17.05%), income tax (5.14%), expatriate quota fees (4.78%), airport development fee (4.03%), and other taxes (14.2%). Tourism-related revenue rose 30.5% over forecast.

The Maldives Inland Revenue Authority (MIRA) collected MVR 24.7 billion in revenue for 2023, exceeding projections by 6.5%. The initial estimate was MVR 23.06 billion, later revised to MVR 23.2 billion. December 2023 revenue was MVR 2.21 billion, down 15.4% from December 2022 but 9.4% above forecast. The decline was due to no resort lease extension fees in December 2023, compared to US$57.50 million in December 2022 from the Tourism Extension Fees regulation. Tax revenue breakdown: GST (54.8%), tourism land rent (17.05%), income tax (5.14%), expatriate quota fees (4.78%), airport development fee (4.03%), and other taxes (14.2%). Tourism-related revenue rose 30.5% over forecast.

The Maldives Inland Revenue Authority (MIRA) collected MVR 24.7 billion in revenue for 2023, exceeding projections by 6.5%. The initial estimate was MVR 23.06 billion, later revised to MVR 23.2 billion. December 2023 revenue was MVR 2.21 billion, down 15.4% from December 2022 but 9.4% above forecast. The decline was due to no resort lease extension fees in December 2023, compared to US$57.50 million in December 2022 from the Tourism Extension Fees regulation. Tax revenue breakdown: GST (54.8%), tourism land rent (17.05%), income tax (5.14%), expatriate quota fees (4.78%), airport development fee (4.03%), and other taxes (14.2%). Tourism-related revenue rose 30.5% over forecast.

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