Maldives tax authority collects MVR2.33 billion as Feb revenue

Maldives Inland Revenue Authority (MIRA) had collected MVR 2.33 billion as revenue in February this year.

According to MIRA's statistics, the figure is an increase of 33.7% compared to the same period last year. It is also an increase of 22.3% compared to the forecasted amount for February.

The increment in revenue compared to February last year is mainly due to the increase in collection of TGST, GGST, Bank Profit Tax, along with the collection of Expatriate Quota fee, the authority said.

In addition, MIRA has stated that tourist arrivals in January this year increased by 11.5% compared to last year, which led to the increase in TGST collection compared to February last year.

"Furthermore, Expatriate Quota Fee collection commenced in March 2023, and as there was no collection in February 2023, the receipt of Expatriate Quota fee this month contributed to the increment in revenue compared to the corresponding period of last year," MIRA said in its statement.

In addition, MIRA has stated that revenue collection increased in comparison to forecasted revenue mainly due to the increment in GST and late payments towards Bank Income Tax and Tourism Land Rent. Additionally, tourist arrivals in January this year increased by 4% compared to the forecast, which led to the hike in tourism related tax and fees.

In February this year, GST accounted for the largest share of revenue received by MIRA, which is 70.01% or MVR 1.63 billion. The next largest revenue was from Income Tax which is 10.6% or MVR 246.36 million.

In addition, Green Tax amounted to MVR 102.85 million (4.4%), Airport Development Fee amounted to MVR 91.08 million (3.9%), Departure Tax amounted to MVR 89.48 million (3.8%) and other taxes and fees amounted to MVR 168.78 million (7.2%).

Out of the revenue collected in February this year, USD 100.34 million constitutes the dollar collection.