The Maldives Inland Revenue Authority (MIRA) has announced exceptional financial results for May 2023, with total revenue reaching MVR 1.71 billion. This represents a remarkable 30.4% increase compared to the same period last year, surpassing the projected amount by 1.8%.
The primary factor behind this substantial revenue surge can be attributed to the remarkable growth in collections from various sources. Notably, the revenue from Tourism Goods and Services Tax (TGST) and airport taxes and fees experienced a significant boost, contributing to a remarkable 13.1% increase in tourist arrivals compared to April.
The rise in revenue was further bolstered by the change in the Goods and Services Tax (GST) rate, leading to a substantial upswing in GST collections. Moreover, early payments of 2022 income tax by certain taxpayers significantly contributed to the increase in corporate and non-individual income tax receipts.
The surplus revenue recorded in May 2023, surpassing the projected amount, can largely be attributed to higher-than-anticipated collections from corporate and non-individual income taxes, as well as airport taxes and fees. The revenue generated from TGST and airport taxes and fees grew by 3.6%, aligning with the 3.6% increase in tourist arrivals compared to the forecasted figures. Furthermore, the early tax payments made by certain taxpayers ahead of the 2022 income tax deadline resulted in higher-than-expected revenue for May 2023.
The revenue from airport development fees reached MVR 114.34 million (6.68%), departure taxes accounted for MVR 101.20 million (5.91%), green taxes amounted to MVR 83.10 million (4.85%), and other taxes and fees totalled MVR 112.17 million (6.55%). Notably, the revenue recorded in May 2023 includes USD 72.78 million, highlighting the significance of international transactions in contributing to the overall revenue growth.
