The Maldives Inland Revenue Authority (MIRA) has recorded a 21% increase in state revenue in August compared to the same period in 2022.
The statistics published by MIRA show that the state received USD103.7 million by the end of August, which is a 21% increase compared to the same period last year. However, the revenue decreased by 7.7% compared to the forecasted revenue for August.
The statistics show that a large amount of the state revenue collected in August was from Goods and Services Tax (GST). As such, USD614.7 million was collected in GST, USD121.9 million was collected in Income Tax, USD5.8 million was collected in Airport Development Fees, and USD5.6 million was collected in Departure Tax. In addition, USD4.5 million was collected in Green Tax and USD139,000 was collected in other fees and taxes.
The tourist arrivals increased by 9% in July this year compared to the same period last year, which led to the increased collection in tourism-related revenue such as Tourism Goods and Services Tax (TGST) and Airport Taxes and Fees. In addition, the revenue collected from GST and TGST increased compared to July last year due to the changes in the rates.
MIRA stated that revenue collection decreased in comparison to the forecasted figures for August due to the decrease in the collection of Income Tax, TGST, and Green Tax. The revenue from the Green tax and TGST decreased by 0.2% compared to the estimated number of tourist arrivals in August this year.