The State collected MVR 2.05 billion in revenue during May, including USD 88.54 million in foreign currency collections, according to statistics released by the Maldives Inland Revenue Authority (MIRA).

MIRA said revenue for the month was 5.8 per cent lower than that recorded during the same period last year and fell slightly below projections. The authority attributed the decline primarily to lower tourist arrivals, which dropped by 19.5 per cent in May compared to a year earlier, as well as reduced collections from Goods and Services Tax (GST) and expatriate quota fees. MIRA noted, however, that revenue remained broadly in line with forecasts, with a variance of just 0.3 per cent.

The authority also reported that 13.8 per cent of the revenue collected during the month came from overdue payments relating to previous periods, while 21.9 per cent was generated through enforcement and recovery efforts undertaken by MIRA. A total of MVR 382 million was recovered through these initiatives, including MVR 242.13 million through notices, MVR 68.19 million through dues clearance, MVR 58.98 million through payment arrangements and MVR 9.24 million through phone and email reminders.

GST remained the largest source of State revenue during the month, contributing MVR 1.15 billion or 56.3 per cent of total collections. The State also received MVR 234 million in tourism land rent, MVR 139 million in Green Tax, MVR 158 million in Airport Development Fees and MVR 156 million in Departure Tax. Work permit fees generated a further MVR 7.1 million.