MIRA reports MVR 2.94 b March revenue, up 34.4%

The state generated a total of MVR 2.94 billion revenue in March 2024, reports the Maldives Inland Revenue Authority (MIRA).

From the total revenue collected during the previous month, state generated 119.67 million in US dollars.

MIRA also reports the revenue total for the review month is a 34.4% increase compared to the same month last year during which the state revenue stood at MVR 2.19 billion.

According to the revenue authority, this significant improvement in revenues is mainly due to the increase in the collection of Bank Income Tax, TGST, Tourism Land Rent, and non-resident withholding tax.

Besides this, the payments related to the upcoming deadlines of Bank Income tax were paid during the review month, which also drove up the revenue collected during March.

Top Revenue Contributors

1. GST - MVR 1.52 billion (51.7%)
2. Income Tax - MVR 589.7 million (20.1%)
3. Tourism Land Rent - MVR 370.6 million (12.6%)
4. Green Tax - MVR 113.8 million (3.9%)
5. Airport Development Fee - MVR 106.1 million (3.6%)

According to MIRA's latest update, the government collected MVR 2.3 billion in tax revenues and MVR 611.3 million in non-tax revenue in March 2024.