The state's tax revenue saw a significant increase of 6.7 per cent in 2024 compared to the previous year, according to the latest revenue report published by the Maldives Inland Revenue Authority (MIRA). 

The report indicates that total tax collections reached MVR 25.1 billion in 2024, up from MVR 24 billion in 2023.

The increase was attributed to higher revenue from multiple tax categories. Tourism Goods and Services Tax (GST), a major contributor to state revenue, rose from MVR 8.7 billion in 2023 to MVR 9 billion in 2024. Similarly, general GST collections saw an upward trend, increasing from MVR 4.4 billion to MVR 4.7 billion over the same period.

Business and corporate tax collections also experienced growth. The state's earnings from bank profit tax (BPT) surged from MVR 967 million in 2023 to MVR 1.4 billion in 2024. Additionally, tax revenue from business profits increased from MVR 3.8 billion to MVR 4.1 billion during the year.

Green tax collections, which contribute to environmental initiatives, also saw a rise. In 2023, the state collected MVR 999 million in green tax, which increased to MVR 1 billion in 2024. Revenue tax collection followed a similar trend, climbing from MVR 358 million in 2023 to MVR 390 million in 2024.

MIRA has continued its efforts to ensure compliance with tax regulations, including measures to strengthen tax enforcement. Under new amendments, the authority now has the power to withhold funds from bank accounts under specific conditions. Previously, such action could only be taken 60 days after the tax payment deadline had passed. However, the revised regulations allow immediate action following the issuance of necessary notices.