Tax revenue reaches USD 774 million in first six months

Maldives Inland Revenue Authority (MIRA) has reported that tax revenue for the first six months of this year reached USD 774 million (MVR 12 billion), accounting for 70 percent of the total revenue collected during that period. Of this amount, revenue collected in Maldivian Rufiyaa was five billion.

Compared to the same period last year, when revenue stood at USD 564 million (MVR 8.6 billion), this is a 38 percent increase in dollar revenue.

Figures reveal that the largest contributor to dollar revenue was the Goods and Services Tax (GST), generating USD 400 million (MVR 6.1 billion). The second-highest contributor was the Green Tax, which brought in USD 73 million (MVR 1.1 billion).

Resort rental also increased significantly, totaling USD 64 million (MVR 1 billion) in the first six months of the year.

January recorded the highest monthly revenue in dollars, with USD 177 million (MVR 2.7 billion) collected.

Airport Development Fee and Green Tax have played a major role in boosting overall tax revenue this year.