Statistics have revealed that the Maldives Inland Revenue Authority (MIRA) collected USD 141 million in revenue during May.
This is an increase of 30.5 percent compared to the same period last year, and 7.3 percent higher than the forecasted figure for the month, according to MIRA.
MIRA attributed the increase in revenue to higher collections from the Tourism Goods and Service Tax (TGST) and Green Tax. The number of tourists visiting the Maldives in May rising by 4.8 percent compared to the same month in 2024 improved tourism-related revenue, MIRA said.
Additionally, the revised Green Tax rates which came into effect in January this year and the increase in Airport Tax and fees rates from December last year also contributed to the increase in revenue.
The revenue collected in May was higher than the forecasted amount mainly due to higher-than-estimated tourist arrivals, in addition to increased TGST and Green Tax income from the tourism sector. Additionally, some taxpayers paid corporate social responsibility (CSR) fees in May to extend the construction period of land being developed for tourism purposes, said MIRA.
Of the revenue collected in May, Goods and Service Tax (GST) accounted for the largest share of revenue received, amounting to 62.5 percent of the total or USD 88.2 million. The next largest revenue source was Green Tax, with USD 13.2 million collected. Airport Development Fees contributed USD 10.8 million, while Departure Tax amounted to USD 10.7 million. Income Tax collections reached USD 8.6 million, and Work Permit Fees contributed a further USD 4.1 million.
Revenue collected in May this year also included USD 104.74 million received in United States Dollars.