Maldives Inland Revenue Authority (MIRA) has revealed that the state revenue for September reached 149 million, marking a significant increase of 28.7% over the projected revenue for the month. This amount also reflects a 93.1% rise compared to the revenue generated during the same period last year.
The latest statistics publicised by MIRA indicates that Goods and Services Tax (GST) were the primary contributors to state revenue, accounting for 44.5% of the total, contributing USD 66 million. Tourism Land Rent was the second-largest contributor, generating USD 23 million, or 15.7% of the total revenue.
Additionally, the statistics indicate that MIRA collected USD 14.9 million as Lease Period Extension Fees, USD 9.6 million as income tax and USD 6.6 million as Airport Development Fee. Other taxes and fees amounted to USD 26.6 million. MIRA also reported that state revenue received, in dollars, totalled to USD 102.05 million.
MIRA attributed the revenue increase in September, compared to the previous year, to several factors, including higher revenue from GGST, TGST, and leased resorts. It noted that the rise in Lease Period Extension Fees and Land Acquisition and Conversion Fees also contributed to the overall increase in state revenue.
Last year, MIRA collected GST and rental payments of resorts on October 2023, as the initial deadline coincided with a public holiday. MIRA indicated that the unchanged deadlines for this year were a factor in the greater revenue received in September compared to last year. Additionally, the 13th amendment to the Tourism Act, which extended the Resort Lease Period Extension Fee to 99 years, also played a significant role in boosting revenue. Moreover, the number of tourist arrivals in September exceeded expectations by 8.1%, further enhancing the revenue collected.