The Maldives Inland Revenue Authority (MIRA) collected MVR 1.98 billion in revenue in August this year, statistics have shown.
This value is a 24 percent increase compared to the amount collected in the same period last year, and 34.5 percent higher than the August forecast. This total includes US$ 62.82 million received during the period.
According to MIRA, the increase in revenue in August was mainly due to an increase in revenue from non-individual taxes, corporate income tax, GST, and green tax. The growth in withholding tax from capital gains, penalties for late tax submissions, and an increase in taxes on non-individual income also contributed to the revenue boost. In addition, the number of tourists visiting Maldives in August this year also increased compared to August 2023.
GST accounted for the largest share of revenue collected by MIRA in August. The government collected MVR 1.06 billion in GST in August, which accounts for 53.3 percent of the total revenue collected in August.
The next largest revenue source was income tax. Income tax collection stood at MVR 472.66 million, or 23.9 percent of total revenue. Airport development fees stood at MVR 90.85 million, departure tax at MVR 89.13 million, and green tax at MVR 87.11 million.
