The Maldives Inland Revenue Authority (MIRA) collected MVR 24.7 billion for the state in 2023, according to data released by the state’s collections agency. The figure is a 6.5 percent increase over the estimated revenue for the year, MIRA said on Thursday.

The revenue was initially estimated at MVR 23.06 billion but was revised to MVR 23.2 billion with the amendment in the Supplementary Budget passed in November.

The total revenue collected in December last year was MVR 2.21 billion; 15.4 percent lower than over the same period in 2022 but 9.4 percent higher than the original forecast.

The main reason for the decline in revenue in December 2023 compared to 2022 was the decline in revenue from resort lease extension fees.

Resort lease extension fees account for a large percentage of total revenue in December 2022 when the state received US$57.50 million in extension fees due to the increase in the rate of 99-year extension fees under the Tourism Extension Fees regulation. However, in December 2023, no revenue was received from resort lease extension fees, resulting in a decline in overall revenue.

The increase in revenue over the estimated amount in December 2023 was mainly due to higher revenue in the form of expatriate quota fees, GGST and work permit fees. Tourism-related revenue increased by 30.5 percent over forecasts for December 2023, MIRA said.

GST accounted for the largest share of revenue in December, representing 54.8 percent at MVR 1.21 billion. The second-largest inflow was from tourism land rent, constituting 17.05 percent or MVR 377.51 million.

Income tax collection amounted to MVR 113.87 million or 5.14 percent; the expatriate quota fee contributed MVR 105.91 million or 4.78 percent; the airport development fee totaled MVR 89.21 million or 4.03 percent; and other taxes and levies accounted for MVR 314.23 million or 14.2 percent.

Revenue received last month also included US dollar inflows amounting to US$97.21 million.