MIRA Reports 28.7% Surge in September Revenue, Totals MVR 2.3 Billion

The Maldives Inland Revenue Authority (MIRA) has reported a significant increase in revenue collection for September 2024, amounting to MVR 2.30 billion, surpassing initial projections by 28.7%. The substantial rise was largely fueled by the Goods and Services Tax (GST) and other tourism-related revenues, reflecting the continued strength of the Maldives' key economic sectors.

According to MIRA's monthly report, GST accounted for the largest share of revenue, contributing 44.5% or MVR 1.02 billion. Tourism land rent was the second largest contributor, generating 15.7% or MVR 360.78 million. Other significant revenue streams included lease period extension fees (MVR 229.95 million), income tax (MVR 147.99 million), airport development fees (MVR 101.78 million), and a total of MVR 409.95 million from other taxes and fees. In total, revenue for September stood at USD 102.05 million.

Compared to September 2023, the surge in revenue was driven primarily by increased GST, Tourism Goods and Services Tax (TGST), and higher rental income from resorts. MIRA attributed the rise to an 8.1% increase in tourist arrivals, as more visitors flocked to the Maldives during the month.

The tourism sector continues to play a pivotal role in the Maldivian economy, with the number of international visitors surpassing expectations. The growth in tourism-related income underscores the sector’s resilience and its ongoing contribution to national revenue.