MIRA collected MVR 2.30 billion as revue in September 2024. This is an increment of 93.1% compared to the same period last year. Moreover, it is an increment of 28.7% compared to the forecasted amount for September 2024.
Revenue of September 2024 is higher than September 2023, mainly due to the significant increment in GGST, TGST and Tourism Land Rent, along with the receipt of Lease Period Extension Fee and Land Acquisition and conversion Fee.
In September 2023, payment deadlines of GST and Tourism Land Rent fell to a public holiday and the collection was realized in October 2023. As there were no deadline adjustments this month and with the dues collection of GST, Corporate Income Tax and Airport Taxes and Fees, the collection is higher than September 2023.
Additionally, pursuant to the 13th Amendment to the Maldives Tourism Act, few resorts opted to extend their lease periods to 99 years, which led to this substantial increment in revenue during this month.
The revenue for September 2024 exceeded projections, primarily due to the receipt of the Lease Period Extension Fee and the Land Acquisition and Conversion Fee. The Lease Period Extension Fee was not projected, as it is not collected under a schedule, and taxpayers pay this fee at their discretion. Additionally, Land Acquisition and Conversion Fee payments were received for newly leased islands along with the dues collection of GST, Corporate Income Tax and Airport Taxes and Fees.
Furthermore, tourist related revenues had increased as the tourist arrivals were 8.1% higher than projection.
In September 2024, GST accounted for the largest share of revenue received by MIRA which was 44.5% or MVR 1.02 billion. The next largest revenue was from Tourism Land and Rent which was 15.7% or MVR 360.78 million. In addition, Lease period extension fee of MVR 229.95 million (10.0%), Income Tax MVR 147.99 million (7.6%), Airport Development Fee MVR 101.78 million (4.4%) and other taxes and fees MVR 409.95 million (17.8%).
Out of the revenue collected in September 2024, USD 102.05 million constitutes the dollar collection.