MIRA Revenue For March 2021 Looks 28.4% Better Than What Was Projected

On Thursday, Maldives Inland Revenue Authority (MIRA) has publicized their Monthly Revenue Collection for the month of March 2021. With total revenue collection standing at MVR 1.33 billion – inclusive of dollar incomes – marks an increase by 19.2% compared to the same period last year. Moreover, it also a 28.5% increase compared to the projection for the month.

As per the tax authority, the dollar income for the period was recorded as USD 63.73 million which is a 26.5% increase when compared with the USD 41.7 million earned in February. A major proportion of the dollar income into the Maldives was to no surprise through the tourism industry with 49% of it being from TGST. 34.4% was earned from tourism land lease payments. 

In addition to this, USD 4.5 million was recorded through both Green Tax and Income Tax, while USD 2.1 million were recorded through Airport Development Fee. Other taxes and fees contributed USD 9.3 million in revenue.

The increase in revenue is attributed to the recovery of the tourism sector by MIRA. In March, the Maldives recorded 109,585 tourist arrivals, marking the first time tourist arrivals had crossed 100,000 in a single month since the beginning of the COVID-19 pandemic.