The Maldives Inland Revenue Authority (MIRA) has received USD151 million in state revenue in February.
The statistics published by MIRA show that the state recorded a 33.7% increase in revenue in February this year compared to the same period last year. It is also a 22.3% increase compared to the projected revenue for the month.
MIRA attributed the increase in revenue to heightened collections across various sectors. Goods and Services Tax (GST), Bank Profit Tax (BPT), and Expatriate Quota Fees contributed notably to the increase. Particularly, the collection of Tourism Goods and Services Tax (TGST) saw an 11.5% increase in January compared to the same period last year, mirroring the 11.5% increase in tourist arrivals during the same period. In addtion, the inclusion of expatriate quota fees further bolstered overall revenue for February compared to the previous year.
The statistics also show that GST constituted a substantial portion, accounting for USD106 million. Income tax contributed USD16 million, while green tax amounted to USD6.7 million. Furthermore, revenue from airport development fees totaled USD6 million, with departure tax adding USD11 million to the state revenue.