State collects MVR 3.6 b revenue in Jan 2024

The state has generated a revenue of MVR 3.60 billion in January 2024, reports Maldives Inland Revenue Authority (MIRA).

According to MIRA, the revenue total was up 5.7% compared to the corresponding month last year owed mainly to the increment in the collection of Corporate Income Tax, GGST, Bank Profit Tax as well as Expatriate Quota Fee.

The total revenue collected for the review month was also 12.2% above initial projections, which is due to the increase in tax receipts; namely Corporate Income Tax, Bank Profit Tax, and the main non-tax stream; Rent from Resorts.

Income Tax covered the majority of January 2024 earnings while GST took the second largest share of the total earnings.

As such, 46.6% of the total revenue generated to the state came through Income Tax and 39.3% from GST. Green Tax, which is the third strongest income stream for the state in January covered 2.8% of the total earnings while Airport Development Fee covered 2.6%.

Additionally, out of the total revenue generated to the state, 102.7 million was collected in US dollars.