State collects MVR 3.24bn in tax revenue in December

The state collected MVR 3.24 billion in tax revenue through the Maldives Inland Revenue Authority (MIRA) in December, according to figures released on Wednesday.

MIRA said revenue collection for the month was 17.4 per cent higher than its estimate for the same period. The authority also reported that revenue collected in December was 30.7 per cent higher than in December the previous year.

The December revenue included USD 157.83 million collected in foreign currency.

According to MIRA, the increase in revenue was mainly due to higher collections from tourism-related taxes, including tourism land rent, land acquisition costs and corporate social responsibility (CSR) fees. The authority also noted that some previously unpaid taxes were settled during the period.

Goods and Services Tax (GST) was the largest source of revenue in December. GST collections amounted to MVR 1.7 billion, accounting for 53.2 per cent of total revenue for the month.

Other major sources of revenue included tourism land rent, which generated MVR 518 million or 16 per cent of total revenue. Green Tax collections stood at MVR 218 million, contributing 6.8 per cent, while Departure Tax generated MVR 191 million, or 5.9 per cent. The Airport Development Fee accounted for MVR 176 million, representing 5.4 per cent, and income tax collections totalled MVR 159 million, or 4.9 per cent of revenue.