The Maldives Inland Revenue Authority (MIRA) has recorded a 34.4% increase in revenue in March this year compared to last year.
The latest statistics published a by MIRA show that a total of USD191 million in revenue, marking a substantial increase over the same period last year by 34.4% and surpassing the estimated amount for March by 26.0%.
MIRA attributes the increase in revenue to enhanced collections across diverse sectors. Notably, Goods and Services Tax (GST) contributed the most substantial share, amounting to USD99 million in March. Following closely behind was Income Tax, totaling USD38 million. Tourism Land Rent accounted for USD24 million, while Green Tax and Airport Development Fee stood at USD7.3 million and USD7 million, respectively. Other taxes and fees amounted to USD16 million.
The statistics also reveal that revenue received by MIRA in March last year included USD119.67 million. The increase in revenue for March primarily stems from increased earnings in Bank Income Tax, Tourism Goods and Services Tax (TGST), Tourism Land Rent, and Non-Resident Withholding Tax. Furthermore, revenue collection for March increased due to upcoming deadlines for bank income tax payments.