State Revenue at MVR 3.6 Billion for January; 12.2% Higher Than Forecasts

The Maldives Inland Revenue Authority (MIRA) collected MVR 3.6 billion in January this year.

January 2024 collections were 5.7 percent higher than over the same period in 2023 and 12.2 percent higher than forecasted.

The jump was driven by higher collections from corporate income tax, general goods and services tax (GST) and bank profit tax.

Income tax was the highest revenue source, with the Maldives’ revenue agency collecting MVR 1.6 billion in January 2024 — 46.6 percent of the month’s total collections. GST collection stood at MVR 1.4 billion; contributing 39.3 percent to monthly total.

Green tax collections stood at MVR 99.6 million, airport development fee at MVR 94.6 million, and departure tax at MVR 92.2 million.