March Tax Revenue Surges: 26% Exceeds Expectations

The Maldives Inland Revenue Authority (MIRA) revealed a remarkable 26% increase in tax revenue for March, surpassing initial projections. Total tax revenue reached MVR 2.94 billion, including $119.67 million in dollars.
MIRA attributed the surge to amplified income tax and GST contributions from banks. Additionally, the tourism sector saw higher-than-anticipated arrivals, further bolstering revenue.
The breakdown of tax revenues showcased GST leading at MVR 1.5 billion, followed by income tax at MVR 589 million. Contributions from tourism land rent, green tax, and airport development fees also significantly contributed to the surplus.