The Maldives Inland Revenue Authority (MIRA) has reported an exceptionally strong performance in September, with collections crossing USD 195.2 million.
This robust figure represents a substantial 30.7 percent increase compared to the same period last year and an impressive 33.7 percent surge above the revenue forecast for the month.
MIRA attributed the significant year-on-year growth primarily to increased revenue streams from non-tourism Goods and Services Tax (GST) and substantial resort lease extension fees. Contributions from increased resort rentals, as well as airport taxes and fees, further bolstered the strong September intake.
The broader economic context also played a role, with tourist arrivals to the Maldives in August showing a healthy nine percent increase compared to the previous year, underscoring sustained vitality in the nation's key tourism sector.
The exceptional overshoot of September revenue forecast was driven by a combination of factors, including stronger-than-anticipated collections from non-tourism GST, resort rentals, tourism GST, and airport taxes and fees.
A major, unforeseen contributor was the payment of resort lease extension fees, which, being a one-time payment, was not included in initial revenue estimates and significantly boosted the month's total.
Additionally, 14.9 percent of the September revenue originated from taxpayers settling dues for previous periods, and 6.4 percent came from the successful recovery of outstanding arrears.
Policy adjustments also played a role in the increased collections. The hike in the Green Tax rate, effective from 1 January, and higher airport tax and fee rates, implemented in December 2024, contributed to the improved revenue figures for last month.
An analysis of the collected revenue shows GST accounted for the largest share, representing 40.5 percent or USD 79.1 million of the total.
Resort lease extension fees were the next largest contributor, bringing in USD 32.9 million. Other significant revenue streams included USD 26.2 million from resort rent tax, USD 13.2 million from airport development fees, USD 12.9 million from departure tax, and USD 12.7 million from green tax.
The total revenue collected in September included USD 150.25 million in foreign currency.