The Maldives Inland Revenue Authority (MIRA) recorded MVR 1.41 billion in tax revenue in April, exceeding revenue estimates by 82.6 percent.
According to MIRA’s monthly revenue collection report, tax revenue collected in April was 173.8 percent higher than tax revenue collected in the same timeframe last year.
The rise in tax revenue was due to an increase in the collection of taxes such as TGST, GST, Green Tax, Airport Development Fee, Airport Service Charge, Income Tax, and Tourism Land Rent, according to MIRA. The authority also collected a sizable amount of arrears, accounting for 20% of tax revenue collected in April.
The lockdown implemented last year to tackle the spread of COVID-19 resulted in a sharp drop in the tourism sector and the overall economy, resulting in a drop in tax revenue.
GST made the largest contribution to tax revenue in April. MIRA received MVR 849.61 million in GST, accounting for 60.1% of total revenue.
Tourism Land Rent was the second-largest contributor to tax revenue. Tourism Land Rent brought in MVR 139.12 million, accounting for 9.8% of total revenue.