Maldives Inland Revenue Authority (MIRA) has revealed that the Maldives received a 26% increase in revenue in US dollars in the fourth quarter of 2022 compared to the previous year.
The Quarterly Report published by MIRA shows that USD246 million in US dollars were collected in the fourth quarter of 2022, which is a 26% increase compared to the USD196 million received in the fourth quarter of 2021. Additionally, 70% of the revenue was received in US dollars in the fourth quarter of 2022.
MIRA stated the increase in US dollar collection in the fourth quarter of 2022 was due to the increment in Tourism Goods and Services (TGST), which was USD27 million. However, the amount was a 2.7% decrease compared to the TGST received in the fourth quarter of 2021.
The amount received in the lease period extension fees also contributed to the increase in revenue. As such, USD15 million were collected in extension fees in the fourth quarter of 2022, which is a 383% increase compared to the fees collected in the same period of 2021. Additionally, USD21 million in tourism land rent were collected in the fourth quarter of 2022, which is a 20% decrease compared to the same period in 2021.
The largest amount in US dollar revenue collected in the fourth quarter of 2022 was in December. As such, USD136 million was collected in December 2022, which is a 29% increase compared to the USD105 million collected in December 2021.