Government Received MVR 1.72 Billion As State Revenue During February

Maldives Inland Revenue Authority (MIRA) has published its monthly statistics highlighting the various tax incomes and revenues during the month of February 2023. The major take from the statistics was a higher state revenue in February which stood at MVR 1.72 billion.

MIRA stated that there was a significant increment of 18.6% in state revenue compared to the same period last year. However, the revenue failed to meet the projected increment for the month by 20.8%. MIRA attributes the increase in state revenues to corresponding increases in tax income. The authority particularly noted that tax income incurred from Goods & Services Tax (GST), Corporate Income Tax, Non-Resident Withholding Tax and Airport Tax saw definite rises compared to the same period in 2022.

In addition to this, MIRA also noted that tourist arrival rates have been boosted by 30.9% in January compared to the previous year’s numbers which heavily contributed to the rise in state revenues. Moreover, the increase in GST rates effective from January 1st was among the factors that accounted for the 1.72 billion in state revenue. As for the decline compared to projections, it was due to GST income falling behind projected values during February.

Out of all tax incomes, GST took a greater proportion with MVR 1.18 billion received as income. This was followed by income tax which stood at MVR 182.04 million. The government also received MVR 91.87 million as green tax income from tourists as well.