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MVR 15 billion collected in taxes in eight months

Anaan Bushry
18 September 2023, MVT 16:04
People seek services in the office of tax agency MIRA. MIRA has received MVR 15 billion so far this year as tax. -- Photo: Fayaz Moosa
Anaan Bushry
18 September 2023, MVT 16:04

Tax revenue collection amounted to MVR 15.2 billion over the past eight months.

According to data from the Maldives Inland Revenue Authority (MIRA), this represents an increase of approximately MVR 3.4 billion compared to the previous year, marking a growth of approximately 20 percent.

This surge in tax revenue coincided with the adjustment of tax rates, including the increase of the public goods and services tax (GST) to 8 percent and the tourism goods and services tax (TGST) to 16 percent since January. Previously, TGST was at 12 percent, and GST was at 6 percent.

So far this year, MVR 6 billion has been collected as TGST, while MVR 2.9 billion has been collected as GST. This marks a significant 34 percent increase compared to the previous year.

Out of the total tax revenue collected, a sum of USD 541 million was generated. Income tax contributed MVR 4.6 billion to the revenue, along with an additional MVR 119 million from business profit tax.

In addition to tax revenue, MVR 965 million was collected from resort rent, MVR 692 million from airport development fees, and MVR 44 million as lease acquisition income.

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