The Maldives Inland Revenue Authority (MIRA) has reported state revenue for August reached nearly USD 130 million, marking a 34.5% increase over the projected revenue for the month.
According to the latest data released by MIRA, a total of USD 128 million was collected in August, with USD 62.82 million received in US dollars. This represents a 24% increase compared to the same period last year and a significant 34.5% rise over the previous month’s revenue estimates.
A large portion of this revenue growth came from taxes on goods and public services, with the Goods and Services Tax (GST) accounting for 53.3% of the total, contributing USD 69 million. Income tax was the second-largest contributor, generating USD 31 million, or 23.9% of the total revenue. Notable increases were also observed in Non-Individual Taxes, Corporate Income Tax, Green Tax, and GST compared to August of the previous year.
MIRA attributed the revenue boost in August to several factors, including the collection of capital gains withholding tax, GST payments from non-individuals and businesses after the deadline, and delayed resort rental payments. Additionally, a 15% increase in tourist arrivals in July compared to the previous year further bolstered tourism-related revenue.