The Maldives Inland Revenue Authority (MIRA) has reported a 34.4 percent increase in revenue in March this year compared to the same period last year.
According to the figures released by MIRA, revenue collected by MIRA stood at MVR 2.94 billion in March this year, including $119.67 million received in US dollars. This is a 34.4 percent increase compared to the MVR 2.1 billion collected in March last year.
According to the MIRA, the increase in revenue in March this year over March was mainly due to higher revenue collected in the form of bank income tax, TGST, tourism land rent, and non-resident withholding tax. The collection of bank income tax in March for upcoming deadlines also played a role in increasing revenue. Additionally, the influx of tourist arrivals in March also contributed to the increased revenue.
MIRA said the revenue collection in March this year was 26 percent higher than the forecast.
Among the revenue streams, GST accounted for the largest share of revenue collected by MIRA last month. GST collection stood at MVR 1.52 billion, or 51.7 percent of the total revenue collected in March.
The next largest revenue source was income tax. Income tax collection stood at MVR 589.65 million, which accounts for 20.1 percent of the total revenue.
In addition, MVR 370.57 million was received as tourism land rent, MVR 113.80 million as green tax, and MVR 106.12 million as airport development fee.
