The Maldives Inland Revenue Authority (MIRA) has collected USD 181.6 million in revenue in February.
According to MIRA, the amount represents a 0.8 per cent decrease compared with the same period last year and is also 11.6 per cent below the forecast for February.
MIRA attributed the decline primarily to lower revenue from resort lease extension fees, airport development fees and resort rentals. The authority also noted that public holidays coinciding with February tax deadlines affected collections.
In addition, an increase in advance payments made earlier for obligations due in February contributed to the lower revenue recorded during the month compared with the same period last year.
MIRA also stated that lower-than-expected revenue from Goods and Services Tax (GST), airport taxes and fees, and green tax contributed to the total falling 11.6 per cent below forecast.
Of the revenue collected in February, 19 per cent came from payments relating to previous deadlines. A further 16.9 per cent was generated through recovery efforts aimed at collecting outstanding dues.
A total of USD 43.2 million was recovered during the month. Of this amount, USD 25.87 million was recovered through notices issued by the authority, USD 10.12 million through the clearance of dues, USD 3.96 million through instalment agreements, USD 2.20 million through reminder phone calls, and USD 324,000 through the freezing of bank accounts.
GST remained the largest source of government revenue in February, generating USD 90.8 million, which accounted for 52.3 per cent of the total revenue collected during the month.
Income tax was the second largest contributor, bringing in USD 38.85 million, representing approximately 21.4 per cent of total revenue.
Other revenue sources included green tax, which generated USD 12.99 million (7.2 per cent), departure tax at USD 8.71 million (4.8 per cent), airport development fees at USD 7.95 million (4.0 per cent), and resort lease extension fees, which contributed USD 12.73 million (3.3 per cent).
According to MIRA, approximately USD 126.85 million of the total revenue collected in February was received in foreign currency.