October revenue rises 11.8% to MVR 2.28bn

Revenue collection reached MVR 2.28 billion in October, representing an 11.8 percent increase compared to the same month last year, according to figures released by the Maldives Inland Revenue Authority (MIRA).

MIRA collected a total of MVR 2.28 billion during the month, including MVR 1.90 billion in tax revenue and MVR 381.7 million in non-tax revenue. The authority also collected USD 96.24 million during October.

According to MIRA, October revenue exceeded projections by 12.9 percent, driven mainly by higher-than-expected collections from General Sector GST, Tourism Sector GST and Non-Resident Withholding Tax. Higher collections of outstanding dues also contributed to the increase.

GST remained the largest source of revenue, contributing MVR 1.34 billion, or 58.9 percent of total collections. Income tax generated MVR 247.7 million, while Green Tax contributed MVR 156.2 million and Departure Tax generated MVR 148.6 million.

Among non-tax revenue sources, Airport Development Fee generated MVR 150.6 million, Work Permit Fee contributed MVR 73.3 million and Tourism Land Rent brought in MVR 42.7 million. Zakat collection stood at MVR 5.28 million during the month.

MIRA said revenue growth was supported by higher collections from GST, Corporate Income Tax and Tourism Land Rent. The authority also noted that airport-related taxes and fees increased despite tourist arrivals declining by 0.2 percent compared to October last year.

The authority further reported that MVR 448 million was recovered through enforcement measures, including dues clearance, installment plans and collection initiatives. Targeted efforts to recover outstanding dues accounted for 19.6 percent of total revenue collected during the month.