According to Maldives Inland Revenue Authority (MIRA), the state collected USD 112.8 million last month. This amount represents a significant 66 percent increase compared to January 2022.
1. Tourism Goods and Services Tax (TGST): USD 79.9 million | 70.8 percent share
2. Income Tax: USD 7.1 million | 6.3 percent share
3. Green Tax: MVR 6.58 million | 5.8 percent share
4. Tourism Land Rent: MVR 6.1 million | 5.4 percent share
5. Airport Development Fee: MVR 5.8 million | 5.2 percent share
In January 2022, the state collected only USD 49.8 million in TGST. The Income Tax collected in January 2022 was USD 1.3 million, indicating a significant 429.97 percent increase in 2023.
The Green Tax collection increased by 5.9 percent this year, compared to January 2022, while the Tourism Land Rent increased by 12.25 percent compared to the same month last year. The Airport Development Fee showed the most significant increase, with a 76.1 percent increment compared to January 2022.
The state uses a significant portion of the Dollar revenues to pay off state debts and state-owned enterprises (SOEs).
Although the revenues collected by the state have improved since the pandemic, the black-market exchange rate has remained relatively unchanged. During the Covid pandemic, the Dollar exchange rate rose as far as MVR 20. The black-market exchange rate has remained between MVR 17.35 and MVR 17.40 for the past two years.
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