Maldives Revenue Surges 22.3% Higher Than Projections in February

Maldives Inland Revenue Authority (MIRA) has revealed that February's revenue exceeded expectations by a notable 22.3%, marking a significant uptick in state income. The total revenue for the month amounted to MVR 2.33 billion, inclusive of USD 100.34 million. This surge represents a 33.7% increase compared to February of the previous year.
MIRA attributed this revenue boost to several factors, including the settlement of bank income taxes post-deadlines, an uptick in the GST rate, and revenues from tourism land rents. Additionally, the authority noted that a four percent increase in tourist arrivals contributed to the overall revenue surge.
Citizens' tax settlements accounted for MVR 2.07 billion of the total income, with GST contributing 70.1%. Notably, GST transactions also represented the majority of USD income, comprising 77.9% of the USD revenue received by MIRA.