State revenue up 21.4% in Q1-2023, generates MVR7.33B

The Maldives government generated a quarterly total revenue of MVR7.33 billion in the first quarter of 2023, according to Maldives Inland Revenue Authority (MIRA).

According to the taxation and revenue authority, the quarterly revenue total increased by 21.4% when compared with the first quarter in 2022, and is a 11.5% increment from initial projection.

MIRA reported that the tourist arrivals for the taxable period of Q1-2023 was 20.1% higher than the corresponding quarter of last year, which contributed towards the revenue increase.

Additionally, the revenue exceeded forecast due to the increment in Goods and Services Tax (GST), Tourism Land Rent, Green Tax, and Airport Taxes and Fees collections.

The state collected a total tax revenue of MVR6.38 billion in the first quarter this year, which is a 32.0% increase compared to the same quarter in 2022, and a 7.0% increment from initial projection.

However, the non-tax revenue collection observed a 21.0% decline, from MVR1.20 billion in Q1-2022 to MVR950.76 million in Q1-2023. Despite this, the collection during the review quarter is a 56.0% increment from initial projection.

Top Revenue Contributors

  1. Goods and Services Tax (GST): MVR 4.12 billion | 56.1%
  2. Income Tax: MVR 1.62 billion | 22.1%
  3. Tourism Land Rent: MVR 407.0 million | 5.6%
  4. Green Tax: MVR 298.1 million | 4.1%
  5. Airport Development Fee: MVR 284.8 million | 3.9%

Moreover, the government collected a total of USD 289.21 million of revenue during the review quarter, which is a 15.9% increment from the first quarter of 2022.

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