The Maldives Inland Revenue Authority (MIRA) has revealed that it collected 3.3 billion rufiyaa in March. This is a 15.1% increase compared to the revenue collected during the same period last year. MIRA received 3.3 billion rufiyaa as revenue in March this year. This amount is 15.1% more than the revenue received during the same period last year. MIRA statistics show that this is also 26.2% more than the estimated amount for March.
According to MIRA, the main reason for the increase in revenue in March 2025 compared to March 2024 is due to the increase in tax revenue. This is because the tax payment deadline for February 2025 was postponed to March 3, 2025. This postponement was due to the original deadline falling on an official holiday. In addition, revenue has increased significantly due to the receipt of lease period extension fees.
Compared to the estimated amount for March, revenue has mainly increased due to the increase in TGST (Tourism Goods and Services Tax) received in March. This has been affected by the February deadline being moved to March 2025, and the receipt of lease period extension fees (LPEF). Since LPEF is paid at the discretion of taxpayers, it is not paid according to a specific schedule. Additionally, 6.9% of the monthly revenue is the amount received ford for previous tax deadlines. As a result, the monthly revenue has increased more than estimated.
The largest share of revenue collected by MIRA last month was GST. That’s 57% or 1.9 billion rufiyaa. The next largest revenue was from Tourism Land Rent, which was 384.3 million rufiyaa. In addition, 270 million rufiyaa was collected as Green Tax, 186 million rufiyaa as Income Tax, 162.3 million rufiyaa as Lease Period Extension Fee, and 157 million rufiyaa as Airport Development Fee. The revenue collected in March this year includes 174.23 million US dollars.
