MIRA Reports Significant Revenue Increase in August 2023

The Maldives Inland Revenue Authority (MIRA) has announced a substantial increase in revenue collection for August 2023. The authority collected 1.98 billion Rufiyaa, marking a 24% increase compared to the same period last year. This figure also surpasses the projected revenue for the month by 34.5%.

MIRA attributes this growth to several factors, including higher income from non-individual taxes, corporate income tax, Goods and Services Tax (GST), and Green Tax. Additionally, there was an increase in capital gains withholding tax and late payments from businesses and non-individual entities.

The tourism sector played a significant role in this revenue boost. MIRA noted an increase in tax revenue from the tourism industry in August, partly due to a 9.3% rise in tourist arrivals compared to July's projections.

A breakdown of the August revenue shows:

• GST: 1.06 billion Rufiyaa

• Income Tax: 472.66 million Rufiyaa

• Airport Development Fee: 90.85 million Rufiyaa

• Departure Tax: 89.13 million Rufiyaa

• Green Tax: 87.11 million Rufiyaa

• Other taxes and fees: 183.29 million Rufiyaa

  
  

Of the total revenue collected in August, 62.82 million US dollars were in foreign currency.

This significant increase in revenue collection reflects a positive trend in the Maldivian economy, particularly in the tourism sector, and indicates effective tax collection strategies by MIRA.