FEBRUARY 2024 REVENUE COLLECTION SURGES TO 2.33 BILLION MVR

February 2024 witnessed a significant rise in revenue collection, reaching 2.33 billion Maldivian Rufiyaa (MVR), inclusive of USD collections. This marks a substantial 33.7% increase compared to February 2023.

USD Dollar Revenue Collection: 

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USD revenue for February 2024 amounted to 100.34 million, contributing to the overall boost in revenue.

Factors Driving Revenue Growth:

The surge in February 2024 revenue can be attributed to several key factors:

– Increased collections of Tourism Goods and Services Tax (TGST) and General Goods and Services Tax (GGST).

– Enhanced collection of Bank Profit Tax and Expatriate Quota fee.

– A notable 11.5% rise in tourist arrivals in January 2024, resulting in increased tourism-related taxes and fees.

– Collection of late payments for Bank Income Tax and Expatriate Quota fee.

Exceeding Forecasts:

February 2024’s revenue surpassed initial projections by an impressive 22.3%. This was primarily driven by increased GST collections and late payments towards Bank Income Tax and Tourism Land Rent. Additionally, tourist arrivals exceeded forecasts by 4%, contributing to higher tourism-related tax revenues.

Top Revenue Contributors:

The breakdown of revenue contributors highlights the following:

– GST accounted for 70.1% of total revenue.

– Income Tax contributed 10.6%.

– Green Tax and Airport Development Fee made up 4.4% and 3.9%, respectively.

– Departure Tax accounted for 3.8% of total revenue, with others contributing 7.2%.

Contribution to USD Revenue:

In terms of USD revenue, the breakdown is as follows:

– TGST led with 77.9% contribution.

– Green Tax, Airport Development Fee, and Departure Tax followed with contributions of 6.7%, 5.9%, and 5.8%, respectively.

– Resort Land Rent and other sources made up the remaining 4%.

Collection Trends (2020-2024): 

A comparison of revenue collections over the past five years indicates a steady upward trajectory, with both tax and non-tax revenues seeing consistent growth:

– Non-tax revenues surged from 244.6 million in 2020 to 258.3 million in 2024.

– Tax revenues showed significant growth, increasing from 1,194.2 million in 2020 to 2,073.2 million in 2024.

– The total revenue collection has seen a remarkable rise from 1,438.8 million in 2020 to 2,073.2 million in 2024.