Maldives Inland Revenue Authority (MIRA) has revealed that the Maldives has received a 51.1% increase in revenue in US dollars in the third quarter of this year.
The Quarterly Report published by MIRA shows that USD185.83 million in US dollars were collected in the third quarter of 2022, which is a 51.1% increase compared to the USD122.98 million received in the third quarter of 2021. Additionally, 52.8% of the revenue was received in US dollars in the third quarter of 2022.
MIRA stated the increase in US dollar collection in the third quarter of 2022 was due to the increment in lease period, extension fee, Tourism Goods and Services (TGST), Income Tax, Airport Taxes and Fees, and Green Tax. It stated that the increment in TGST, Airport Taxes and Fees, and Green Tax can be attributed to the increase in tourist arrivals during the third quarter of 2022 by 24.8% compared to the same period in 2021. It added that the receipt of USD40 million to extend the lease period of resorts also led to a significant increment.
The statistics show that TGST contributed to 39.2% of the US dollar revenue, while the Lease Period Extension Fees contributed 21.5%, Tourism Land Rent contributed 10.6%, Green Tax contributed 7.5% and Income Tax contributed 7.1%.