The Maldives' Tourism Goods and Services Tax (TGST) has declined by MVR 99 million due to the decrease in tourist arrivals.
According to statistics released by the Maldives Inland Revenue Authority (MIRA), the state collected MVR 718 million in Tourism Goods and Services Tax (TGST) in May 2023, compared to MVR 817 million collected in April.
In May, tourist arrivals saw a decline of 26 percent with 120,000 arrivals compared to 160,000 in April. Additionally, May 2023 observed a 3.6 percent decrease in arrivals in comparison to the corresponding month in 2022 which recorded 125,000 tourist arrivals.
While TGST collections observed a significant decline, the total tax revenue in May decreased by eight percent compared to April, 2023. The total tax revenue in May stood at MVR 1.7 billion while in April the total tax revenue stood at MVR 1.8 billion.
Tax revenue collected in US dollars witnessed a six percent decline last month, amounting to USD 73 million in May 2023. In comparison, the state collected USD 77 million in April.
The total GST collection in May 2023 amounted to MVR 1 billion, reflecting a decline of MVR 100 million compared to the corresponding month in 2022.
Despite the decline in revenue in May compared to the previous month, the total tax revenue in May 2023 showed a significant increase of 25 percent compared to May 2022. In May 2022, the state collected MVR 1.3 billion in tax revenue.
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