Maldives Inland Revenue Authority (MIRA) has revealed that the state collected USD221 million in revenue in January, which is a record amount in revenue collected in a month.
Statistics published by MIRA show that USD221 million in revenue was collected in January, which is a 43% increase compared to the same period last year and a 44% increase compared to the estimated revenue.
In January, MIRA collected the largest amount in revenue as Goods and Services Tax (GST), which was USD105 million. The second largest amount was collected as Income Tax, which was USD84 million. The authority also collected USD6.5 million in Green Tax and USD6 million in Tourism Land Rent.
MIRA stated that the revenue collected in January is higher than the estimated revenue due to the increment in the collection of taxes and fees as well as the increase in tourism-related revenues due to the increase in tourist arrivals.
In his presidential address for 2023, President Ibrahim Mohamed Solih said the government was able to accumulate a record revenue in January and that hope for the future has been renewed. He further said there is a guarantee that the state reserve will be maintained at a safe level, adding that it was at had USD827 million by the end of last year.