The Maldives Inland Revenue Authority (MIRA) has recorded more than USD9 million in the first week of 2023.
A total of USD9 million was received from January 1-7 and the highest largest income came from tourism land rent, according to the statistics released by the MIRA.
In November, President Ibrahim Mohamed Solih ratified the Bill on Amendment to the Goods and Services Tax Act to increase the Goods and Services Tax (GST) and Tourism Goods and Services Tax (TGST) in an effort to increase state revenue. The government approved the amendment bill to increase GST from 6% to 8% and TGST from 12% to 16%. The government expects to generate USD63 million from GST and USD136 million from TGST. Therefore, the tax changes are expected to generate total revenue of USD195 million.
MIRA is conducting information sessions on the changes to the tax system across the Maldives to raise awareness of the changes required by local businesses. Information will be available on the website of MIRA and businesses can also contact the authority for any queries regarding the changes in the tax rates.