Foreign currency revenue earned by the state increased by 17.4 per cent during the first two months of this year compared to the same period last year, according to the Maldives Inland Revenue Authority (MIRA).

Statistics released by MIRA show that USD 252.8 million was collected as tax revenue between 1 January and the end of February this year, compared to USD 202.8 million recorded during the same period last year.

The figures indicate that tourism goods and services tax (TGST) accounted for the largest share of tax revenue, amounting to USD 155.1 million. In addition, USD 49.6 million was collected as income tax, USD 27.4 million as green tax, and USD 20.5 million as departure tax.

MIRA also reported that non-tax revenue in foreign currency reached USD 54.4 million during the period. This included USD 19.5 million collected as Airport Development Fee, USD 20.2 million as land acquisition fees, and USD 6.3 million as lease extension fees.

In addition to foreign currency earnings, the State’s total revenue also increased during the first two months of the year. According to MIRA, total revenue rose from MVR 6.1 billion in the same period last year to MVR 7.2 billion this year, reflecting an 18.4 per cent increase.

Of this amount, MVR 6.1 billion was generated from tax revenue, while more than MVR 1 billion was collected as non-tax revenue during the first two months of the year.