Maldives Inland Revenue Authority (MIRA) has revealed it had recorded a revenue of USD112 million in US dollars in January 2023, which is a 50% increase compared to the same month of last year.
The monthly revenue collection report shows that MIRA collected USD112 million in US dollars in January 2023, which is a 50% increase compared to the USD74 million collected in January 2022. The report shows that USD79.8 million was collected in Tourism Goods and Services Tax (TGST), USD7.1 million in Income Tax, USD6.5 million in Green Tax, USD6.1 million in Tourism Land Rent, USD5.8 million in Airport Development Fees, and USD5.6 million in Departure Tax.
The increase in US dollar revenue is correlated to the increase in the record number of tourist arrivals in January. The report reveals that the revenue from TGST showed the most improvement with USD79 million collected in January, while USD49 million was collected in the same period last year. The government increased TGST from 12% to 16% at the beginning of the year. The amount collected in income tax also showed an improvement with USD7.1 million collected in January, compared to USD1.3 million in the same period last year.