MIRA reports 19.7% revenue growth in November
MIRA noted that November's tax revenue was 13.2% higher than the same period last year.
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The Maldives Inland Revenue Authority (MIRA) has reported a 19.7% increase in revenue for November, with collections totalling MVR 1.89 billion.
The total includes USD 88.17 million in foreign currency collections.
According to MIRA, the revenue for November exceeded forecasts, driven by several key factors, including:
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An increase in acquisition and conversion fees from land allocated for resort development.
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Higher Tourism Goods and Services Tax (TGST) revenue.
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Lump-sum payments for land acquisition, conversion fees, and lease period extensions.
MIRA noted that November's tax revenue was 13.2% higher than the same period last year. The rise was partially attributed to an 8.5% increase in tourist arrivals during November compared to the previous year.
The breakdown of revenue sources for November includes:
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Goods and Services Tax (GST): MVR 1 billion, accounting for 57.9% of total revenue.
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Land Acquisition and Conversion Fees: MVR 171 million, making up 9.1% of total revenue.
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Airport Development Fee: MVR 93 million, contributing 4.9% of total revenue.
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Income Tax: MVR 92.7 million, representing 4.9% of total revenue.
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Departure Tax: MVR 91.9 million, accounting for 4.9% of total revenue.
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Green Tax: MVR 85.7 million, contributing 4.5% of total revenue.
MIRA emphasised that the consistent increase in tourist arrivals and associated tax revenues continues to support the overall growth in state revenue.
