The Maldives Inland Revenue Authority (MIRA) recorded a revenue collection MVR 2.33 billion last month.
The amount collected is 33.7 percent higher than that collected in the same preiod last year. This February's revenue is 22.3 percent higher than the February forecast.
According to MIRA, the main reasons for the increase in revenue in February were higher revenue generated in the form of GST, bank profit tax, and expatriate quota fees. TGST revenue also increased due to an influx in tourist arrivals.
As the expatriate quota fee came into effect in March last year, it was not included in the February 2023 revenue. Thus, the addition of this fee to this February's revenue significantly increased the total revenue compared to the same period last year. Additionally, the income tax receipts increased during the period as some outstanding amounts were received during the period.
Meanwhile, GST accounted for the largest share of MIRA's revenue last month, constituting 70.1 percent of the total revenue collected last month, amounting to MVR 1.63 billion. The next largest revenue source was income tax, comprising 10.6 percent of the total revenue, with collections reaching MVR 246.36 million.
According to data, Green tax collection stood at MVR 102.85 million, airport development fee at MVR 91.08 million and departure tax at MVR 89.48 million last month. The revenue collected by MIRA last month included US$100.34 million.
