Maldives Revenue Surpasses US$122 Million in November, MIRA Reports

The state collected US$122.57 million in November 2024, a 13.2 percent increase compared to the same period in 2023, Maldives Inland Revenue Authority (MIRA) has reported.

This significant boost in revenue is attributed to several key factors, according to MIRA. The receipt of Land Acquisition and Conversion Fees, as well as Lease Period Extension Fees, played a major role in this increase, it said. Additionally, increments in Airport Taxes and Fees and the Goods and Services Tax (GST) were observed for the month.

Tourist arrivals also saw a notable rise, with an 8.5 percent increase in October 2024 compared to October 2023. This surge significantly contributed to the increase in Airport Taxes and Fees, according to the State‘s tax collector.

The revenue for November 2024 also surpassed the state’s projections by 19.7 percent. The higher-than-expected revenue was primarily driven by Land Acquisition and Conversion Fees, Lease Period Extension Fees, and increments in the Tourism Goods and Services Tax (TGST), MIRA reported. These one-off payments had a positive impact on overall revenue, leading to a favourable outcome compared to projections, it added.

GST accounted for the largest portion of the collected revenue, with US$70.7 million, representing 57.9 percent of the total. MIRA also collected US$11.13 million in Land Acquisition and Conversion Fees, US$6.04 million in Airport Development Fees, and US$6.02 million in Income Tax. Other sources of income included US$5.93 million from Departure Tax and US$5.56 million from Green Tax.

A significant portion of the income, 88.17 percent, was paid in U.S. dollars.