State revenue increased by 34.4 percent in March compared to the same period last year, according to the Maldives Inland Revenue Authority (MIRA).
Data released by MIRA shows that revenue in March 2024, which included receipts of US$119.67 million, totalled MVR 2.94 billion, compared to MVR 2.1 billion for the same period last year.
The increase was mainly attributed to higher receipts in terms of bank income tax, tourism goods and service tax (TGST), tourism land rent, and non-resident withholding tax.
Pre-deadline filings of bank income tax in March, as well as taxes and levies associated with higher tourism arrival figures, contributed to the higher revenue, which was 26 percent higher than forecast.
Goods and services tax (GST) accounted for the largest share of revenue, with MVR1.52 billion collected — contributing to 51.7 percent of total revenue in March.
Income tax collections contributed the second largest with MVR 589.65 million — contributing 20.1 percent.
In addition, MVR 370.57 million was collected as tourism land rent, MVR113.80 million as green tax, and MVR106.12 million as airport development fee.