Govt revenue rises 15.1% in March to reach MVR 3.38 billion
Of the total revenue, USD 174.24 million was received in dollars.
Top Stories
Government revenue for March reached MVR 3.38 billion, reflecting a 15.1 per cent increase compared to the same month last year, according to the Maldives Inland Revenue Authority (MIRA).
The figure also exceeded projections by 26.2 per cent.
Of the total revenue, MVR 2.69 billion was collected in Maldivian Rufiyaa, while the remaining MVR 674 million (approximately USD 174.24 million) was received in US dollars.
MIRA attributed the increase in revenue to the following factors:
-
The postponement of the February tax deadline to 3 March due to a public holiday, which contributed 6.9 per cent of the total revenue.
-
Payments received for the extension of resort lease terms.
Despite a 1.5 per cent decline in tourist arrivals in February compared to the same period last year, MIRA noted that the decrease was offset by resort lease extension fees.
Breakdown of revenue by source in March:
-
Goods and Services Tax (GST): 57%
-
Tourism Land Rent: 11.4%
-
Green Tax: 8%
-
Income Tax: 5.3%
-
Resort Lease Extensions: 4.8%
-
Airport Development Fee: 4.6%
In terms of dollar revenue, the composition was as follows:
-
GST: 54%
-
Tourism Land Rent: 14.4%
-
Green Tax: 10.1%
-
Resort Lease Extensions: 6.1%
-
Airport Development Fee: (data incomplete)
