April state revenue falls slightly year-on-year, says MIRA

The Maldives Inland Revenue Authority (MIRA) collected MVR 2.6 billion in revenue during April, according to monthly statistics released on Monday.

MIRA stated that the figure represents a decrease of 0.3% compared to the same period last year. However, revenue collection exceeded initial projections for the month by 16%.

The total revenue collected during April included USD 120.7 million.

According to MIRA, revenue exceeded projections due to the collection of overdue fees and debt recovery efforts targeting outstanding payments.

The authority attributed the decline compared to April last year to lower collections from Tourism Goods and Services Tax (TGST), Green Tax, Airport Development Fee and Departure Tax.

MIRA also linked the decline in tourism-related revenue to a 19% decrease in tourist arrivals during March, which it said was influenced by ongoing conflict in the Middle East.

Goods and Services Tax (GST) remained the largest source of revenue during the month.

According to the authority, GST collections totalled MVR 1.6 billion, accounting for 63.6% of overall revenue.

Other major sources of revenue included:

MIRA stated that Green Tax contributed 7% of total monthly revenue, while Income Tax accounted for 6.8%. Airport Development Fee and Departure Tax each represented 5.8% of collections, while Tourism Land Rent contributed 4.9%.