/ MIRA collects MVR 1.60 billion as revenue in August 2023
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MIRA collects MVR 1.60 billion as revenue in August 2023

12 Sep 2023

MIRA collected MVR 1.60 billion as revenue in August 2023. This is an increment of 21.0% compared to the same period last year. However, it is a decrement of 7.7% compared to the forecasted amount for August 2023.

The increment in revenue of August 2023 compared to August 2022 is mainly due to the increment in collection of GGST, TGST, Tourism Land Rent and Airport Tax and Fee. Furthermore, MIRA stated that for August 2023, the percentage of tourist arrival in Maldives increased by 9% which led to a significant increment in collection of revenues from tourism sector compared to August 2022. Additionally, due to the change in GST rate, revenue collected from TGST and GGST incremented compared to August 2022.

Revenue collection decremented the forecasted revenue, mainly due to the decrement in collection of Income Tax, TGST and Green Tax compared to estimated revenue for August 2023. Moreover, due to the decrease in number of tourist arrival in Maldives by 0.2% than estimated for the month, there is a decrement in revenue collected from Green Tax and TGST for August 2023 compared to projection.

In August 2023, GST accounted for the largest share of revenue received by MIRA. That is 59.12% or MVR 9.43 billion. The next largest revenue was from Income Tax which is 11.84% or MVR 1.88 billion. In addition, Airport Development Fee amounted to MVR 90.4 million (5.67%), Departure Tax amounted to MVR 87.8 million (5.50%), Green Tax amounted to MVR 69.5 million (4.36%), and other taxes and fees amounted to MVR 2.15 billion (13.52%).

Out of the revenue collected in August 2023, USD 62.0 million constitutes the dollar collection.

For more information: https://www.mira.gov.mv/Files/GetFile/60fc2f84-4409-468c-bf05-eb23ff093cf5 

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