Maldives’ tax revenue increased last year in comparison to the year before, the central bank, Monetary Authority of Maldives (MMA) figures showed.
According to the MMA's monthly statistics report, tax revenue increased by 6.7 percent last year from the figure in 2023.
The report said Maldives had received USD1.56 billion in tax revenue in 2023. However the figure had increased USD1.63 billion in 2024 which is an increase of 6.7 percent from the year before.
MMA’s report shows that revenue from all major tax brackets increased last year. In that regard, revenue from tourism GST increased from USD564.2 million in 2023 to USD583.7 million last year.
Revenue from GST on non-tourism sectors followed a similar trend, registering an increase from USD285.3 million in 2023 to USD304.8 million in 2024.
Airport service charge was also up from USD64.1 million to USD64.9 million last year.
According to the report, Bank Profit Tax or BPT collections stood at USD90.8 million last year, up from USD62.7 million in 2023.
Business Profit Tax revenue meanwhile, increased from USD246.4 million in 2023 to USD265.9 million a year later.
The report shows that Green Tax revenue also increased last year. In 2023, green tax collections totalled USD 64.8 million. However, last year, the figure rose to USD64.9 million, according to the MMA report.
Income Tax collection in 2024 was USD25.3 million, up from USD23.2 million the previous year.
Maldives Inland Revenue Authority (MIRA) has initiated several initiatives to ensure timely tax payments and implemented stricter enforcement measures for collections.
Under the new regulation on seizure of funds, MIRA has the authority to freeze funds in the bank accounts of non-taxpayers and tax evaders under certain conditions.
Previously, action can only be taken after 60 days had lapsed. However, the new amendment to the regulation now allows MIRA to take action immediately after issuing the required notices.