MIRA collects 2.28 billion Rufiyaa in October, up 11.8% from last year

The Maldives Inland Revenue Authority (MIRA) has reported a total revenue collection of 2.28 billion Rufiyaa for October, marking an 11.8% increase compared to the same month last year. This figure also surpasses the projected amount for October by 12.9%. According to MIRA, the primary driver of the revenue growth was an increase in General Consumption Tax (GST) from both the public and tourism sectors. Higher collections from Airport Tax and Fees (ATF), taxes on companies and non-individual entities, and fees for extending resort lease terms also contributed to the rise. Debt recovery efforts played a significant role, accounting for 19.6% of the total revenue collected. MIRA recovered 448 million Rufiyaa in outstanding amounts through various measures: 171 million Rufiyaa via notices, 161 million Rufiyaa through dues clearance, 98 million Rufiyaa under installment agreements, 8 million Rufiyaa from reminder phone calls, and 10 million Rufiyaa by freezing bank accounts. The largest share of October's revenue came from GST, which totaled 1.3 billion Rufiyaa (58.9% of the total). Income tax followed at 248 million Rufiyaa (10.9%). Other significant sources included Green Tax (156 million Rufiyaa, 6.8%), Airport Development Fee (151 million Rufiyaa, 6.6%), Departure Tax (149 million Rufiyaa, 6.5%), and Work Permit Fee (73 million Rufiyaa, 3.2%). The revenue collected in October included 96.24 million US Dollars. As of the end of October, the government's total revenue for the year stands at 30 billion Rufiyaa, which includes 1.3 billion Dollars collected in US Dollars.