Maldives Inland Revenue Authority (MIRA) has recorded USD151.1 million in revenue collections last month.
According to MIRA, the figure is 4.7 percent more than the same period in 2023 and 20.1 percent more than the estimated revenue for December 2024.
The increase in revenue in December 2024 compared to December 2023 was mainly due to higher revenue collections from GST, green tax and corporate social responsibility fees.
In addition, the 5.7 percent increase in number of tourist arrivals to the Maldives than estimated figures also contributed to the boost in revenue, MIRA added.
The primary reasons why December 2024 figures surpassed estimates by 20.1 percent was down to the increase in revenue from green tax, work permit fees, tourism GST, foreigners' quota fees and GST from other non-tourism sectors.
In addition, 17.5 percent of the revenue collected in December 2024 was under MIRA’s enforcement measures.
In December 2024, GST accounted for the largest share of revenue collections, which was reported at 57.34 percent of total revenue with USD86.3 million.
The second largest revenue contributor was from tourism land rent which amounted to USD24.5 million. Income tax collection stood at USD7.5 million, green tax at USD7.09 million, airport development fee at USD6.2 million and departure tax at USD6.1 million.