According to statistics released by the Maldives Inland Revenue Authority (MIRA), the proportion of taxes paid in US Dollars saw a 20% increase this past February. The state collected a total of USD 126 million in dollar-denominated revenue during the month.
MIRA’s detailed revenue report indicates that USD 126.85 million was received in February this year. In comparison, USD 137.72 million was collected during the same period last year, marking a 7.9% decline in overall dollar revenue.
This overall decrease compared to the previous year is primarily attributed to a drop in non-tax revenue, specifically lease period extension fees. While USD 35 million was collected from these fees in February last year, only USD 5.9 million was received this year. Despite this overall dip in total dollar inflows, tax payments made specifically in US Dollars have experienced growth.
The primary contributor to this growth is Tourism Goods and Services Tax (TGST). While TGST is settled in both Maldivian Rufiyaa and US Dollars, February saw MVR 1.15 billion collected in local currency. In terms of dollar payments, TGST accounted for USD 75.2 million, representing a 25% increase compared to February of the previous year.
Another significant contributor to dollar revenue is the Green Tax. Statistics show that Green Tax payments in US Dollars also rose compared to last year; while USD 9.7 million was collected in February last year, the figure grew to USD 13 million this past month. Furthermore, Income Tax payments made in US Dollars saw an uptick, reaching USD 11.98 million in February.
Collectively, MIRA reported that total tax revenue paid in US Dollars reached USD 108.9 million in February, a 20% increase from the USD 90.2 million recorded during the same period last year. Meanwhile, non-tax dollar revenue stood at USD 17.8 million, down from USD 47.4 million last year.
The rise in dollar-denominated tax revenue coincides with an increase in tourist arrivals this February compared to the previous year. Consequently, MIRA’s statistics reflect a positive trend in tax revenues collected in US Dollars.
