USD revenue increases by 35 percent

Statistics have shown that the dollar revenue collected thus far is 35 percent more than the amount collected in the same period last year.

The figures released by national tax agency Maldives Inland Revenue Authority (MIRA) said the agency received USD 138 million in January and February this year. Last year, USD 89 million was collected in the same period, 35 percent less than the amount collected this year.

According to the figures, the State received USD 63 million in the month of February. In February 2021, the amount collected was USD 43 million.

The highest amount of US dollar revenue was generated as Tourism GST. While USD 98 million was collected as Tourism GST, USD 12 million was collected at Green Tax. An additional USD 7 million was collected as resort rent and USD 6.6 million as Departure Tax. Furthermore, USD 6 million was collected as Airport Development Fee and USD 5 million as Acquisition Fee.

The main reason for the increase in US dollar revenue is the increase in bed nights spent in the Maldives by tourists and the number of tourist arrivals from countries such as Russia, who spend large amounts on holidaying. However, the tourism market is expected to decline due to the Ukraine-Russia conflict.