The Maldives Inland Revenue Authority (MIRA) has recorded a 61.3% increase in state revenue in October compared to the same period in 2022.
The statistics published by MIRA show that the state received USD130 million by the end of October, which is a 61.3% increase compared to the same period last year. It was also a 29.7% increase compared to the revenue projection for October this year.
The statistics showed that a large amount of the state revenue collected in October was from Goods and Services Tax (GST). As such, USD86 million was collected in GST, USD10 million was collected in Tourism Land Rent, and USD6 million was collected in Green Tax. In addition, USD5 million was collected in Airport Development Fees and USD13 million was collected in other fees and taxes. The statistics also showed that the deadline for payment of GST, Airport Taxes and Fees, and Green Tax was extended for the first week of October, which led to the significant revenue increase compared to the same period last year.
The statistics also showed that tourists arrivals to the Maldives in September this year increased by 16.9% compared to the same period last year. The declaration of the initial deadline as a public holiday following the presidential election led to the extension of tax deadlines to the first week of October, resulting in the higher-than-projected revenue collection.