MIRA Reports 93% Increase in September Income

The Maldives Inland Revenue Authority (MIRA) has announced a remarkable 93% increase in income for September 2024. 

The total revenue reached MVR 2.3 billion, driven largely by heightened collections from Goods and Services Tax (GST), Tourism Goods and Services Tax (TGST), and resort lease fees.

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According to MIRA, the breakdown of the figures reveals that TGST generated MVR 589 million, while GST accounted for MVR 434 million. Additionally, income tax contributions were reported at MVR 175 million, and departure tax brought in MVR 101 million.

Non-tax revenue also showed significant gains, amounting to MVR 908 million. This figure included MVR 361 million from resort lease fees and MVR 230 million from lease extension fees for lands designated for tourism.

Notably, of the total tax revenue for the month, MVR 102 million was received in US dollars, with 60% of this coming from TGST and resort fees.

In comparison, the government collected MVR 1.1 billion in revenue during the same month last year, indicating a substantial increase in tax collections. For the past nine months, the total revenue collected by the government stands at MVR 22 billion, with MVR 18 billion derived from taxes.

This surge in tax revenue has been attributed to the robust performance of GST, TGST, and resort rentals, reflecting the government’s ongoing efforts to bolster its financial position in the tourism sector.