State earns MVR 1.66 bil in May: MIRA

Maldives government earns MVR 1.66 billion - 66.57 million out of this in US dollars - for the month of May this year, reports Maldives Inland Revenue Authority (MIRA).

According to the taxation authority, the total revenue collection for the fifth month of the year saw a 4.8 percent decrease compared to the corresponding month in 2023.

MIRA reports this was mainly due to the drop in Corporate Income Tax, General Goods and Services Tax (GGST), and Airport Taxes and Fees.

The authority also adds that there was no deadline for Income Tax some taxpayers still opted to pay upcoming deadlines during May 2023, but for the same mont this year, mostly dues were collected.

GGST slightly declined due to non-payment of tax by deadline during May 2024.

Additionally, the depatures of April slightly declined by 0.9 percent compared to the same month in 2023, which led to a decrement in Airport Taxes and Fees carried forward to the following month.

Despite a decline in total collection for May 2024 compared to the same month last year, it is still a 0.8 percent increment from initial projections.

GST (both GGST and TGST combined) is the strongest revenue contributor for the month, with 66.19 percent of the total revenue originating from it. Income tax coverd 9.0 percent of the total revenue, with Airport Development Fee taking up 5.83 percent of the total revenue share.

Departure tax and green tax had shares of 5.66 percent and 5.15 percent, respectively.

State collected MVR 1.09 billion in GST, down from MVR 1.1 billion collected in the same month last year. Income Tax saw notable decline as well, from MVR 212 million in May 2023 to MVR 149 million in the same month this year.

Airport Development Fee saw decline for May 2024 as well, dropping from MVR 114.8 million in the same month last year to MVR 96.6 million. 

Similarly, Departure Tax declined from MVR 101.6 million in May 2023 to MVR 93.7 million in May 2024.

Among the top revenue streams, Green Tax was the only source that saw an increment compared to the same month last year; collecting MVR 85.2 million in May this year compared to MVR 83.1 million in the same month in 2023.