2024 first quarter revenue up 21%, registers MVR 8.89 bil

Maldives Inland Revenue Authority (MIRA) has reported a total of MVR 8.89 billion in revenues for the first quarter of 2024.

According to MIRA, the quarterly revenue collection is up 21.3% from the same quarter last year, and increased by 19.5% from initial projections.

The taxation authority said this revenue increment is attributed to the increase in tourist arrivals for the taxable period of first quarter, from December 2023 to February 2024. During the period, tourist arrivals rose by 7.5% compared to the corresponding quarter last year.

The state collected MVR 7.70 billion in tax revenues, which is 20.7% up from the same quarter last year, and another 20.5% increment from projections. Additionally, the non-tax revenue total for the quarter stood at MVR 1.19 billion, which is a 25.3% increase from Q1-2023, and a 13.5% increment from projections.

Out of the total revenue collected in the period, MIRA collected 324.63 million in US dollars, which is a 12.2% increase from the corresponding quarter in 2023.

Top Revenue Contributors

1. GST - MVR 4.56 billion
2. Income Tax - MVR 2.52 billion
3. Tourism Land Rent - MVR 489.0 million
4. Green Tax - MVR 316.2 million
5. Airport Development Fee - MVR 303.5 million