Maldives records $1 billion in dollar tax revenue for first time
According to figures released by MIRA, total revenue for the year amounted to MVR 27.8 billion.
Maldives Inland Revenue Authority (MIRA) collected $1 billion in revenue in 2024, marking the first time the country has achieved this milestone.
According to figures released by MIRA, total revenue for the year amounted to MVR 27.8 billion.
The revenue breakdown for 2024 includes:
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$1 billion in foreign currency.
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MVR 11.5 billion in local currency.
MIRA reported that revenue collected in December was 20.1% higher than initial estimates. Factors contributing to this increase include:
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Higher tax revenue from the tourism sector.
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Increased income from work permit fees.
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Growth in green tax collections.
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Increased revenues from expatriate quota fees.
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Enhanced tax revenue from public goods and services.
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Strengthened enforcement measures to ensure timely collection of dues.
The largest revenue contributor in December was Goods and Services Tax (GST), which accounted for over half of the month’s collections. The detailed breakdown is as follows:
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GST: MVR 1.3 billion (57.3% of total revenue).
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Tourism Land Rent: MVR 378 million (16.25% of total revenue).
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Income Tax: MVR 116 million (5% of total revenue).
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Green Tax: MVR 109 million (4.7% of total revenue).
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Airport Development Fee: MVR 95 million (4.1% of total revenue).
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Departure Tax: MVR 93.9 million (4% of total revenue).
MIRA highlighted that the increases in tax revenue from the tourism sector, green taxes, and public services played a significant role in achieving the annual record. Strengthened measures for revenue collection further contributed to the outcome.
