Tax revenue rises by 10% to MVR 20 billion

The Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 20 billion in tax revenue between January and September this year.

According to the September tax revenue collection statistics released by MIRA, the MVR 20 billion collected during the first nine months of this year marks a 10 percent increase compared to the same period last year, when it collected MVR 18.2 billion.

The increase in tax revenue follows hikes in key tax streams – Tourism Goods and Services Tax (TGST), Green Tax, Airport Development Fee, and Airport Departure Tax.

As such, revenue from Green Tax has risen from MVR 808 million last year to MVR 1.7 billion, the Airport Departure Tax from MVR 869 million to MVR 1.4 billion, Airport Development Fee from MVR 887 million to MVR 1.4 billion, and TGST from MVR 7.2 billion to MVR 8.2 billion.

The tax revenue collection for September alone stands at MVR 3 billion, marking a 30.7 percent increase from last year, and a 33.7 percent increase from projected revenue.

MIRA attributed the increase in tax revenue in September to an increase in non-tourism GST collection, an extension to resort land rent which came due during the period, as well as an increase in TGST and airport taxes and fees.

Top revenue contributors:

• GST: MVR 1.22 billion (40.5 percent)
• Tourism Land Rent Extension Fee: MVR 507.2 million (16.9 percent)
• Tourism Land Rent: MVR 404 million (13.4 percent)
• Airport Development Fee: MVR 204.3 million (6.8 percent)
• Airport Departure Tax: MVR 199.1 million (6.6 percent)
• Green Tax: MVR 195.7 million (6.5 percent)

The MVR 3 billion collected as tax revenue in September includes USD 150.25 million.