The Maldives Inland Revenue Authority (MIRA) has announced a total revenue of MVR 2.33 billion for December 2024.

This marks a 4.7 per cent increase compared to the same period in 2023. This figure also exceeds the anticipated revenue for December 2024 by 20.1 per cent.

According to MIRA, the significant rise in revenue was primarily driven by higher collections in Goods and Services Tax (GST), Green Tax, and Corporate Social Responsibility (CSR) fees. Additionally, increased contributions from the tourism sector played a crucial role in the growth, with revenue from tourism-related taxes and fees surpassing expectations by 5.7 per cent in December 2024.

The 20.1 per cent surge above projected revenue was driven by higher collections from Green Tax, work permit fees, tourism GST, and foreigner quota fees, alongside contributions from non-tourism sectors. Notably, enforcement measures implemented by MIRA accounted for 17.5 per cent of the total revenue in December.

GST accounted for the largest share of the total revenue, contributing 57.34 per cent or MVR 1.33 billion. This was followed by MVR 378.55 million collected as tourism land rent. Other key contributors included MVR 116.16 million from income tax, MVR 109.46 million from Green Tax, MVR 95.39 million from airport development fees, and MVR 93.93 million from departure taxes.

In USD terms, the total revenue for December 2024 amounted to USD 112.75 million.