January 2025 sees revenue dip by 7.7 percent compared to January 2024
GST revenue increased during this period
Midhiya aharu ge march mahaa alhaa balaairu mi aharuge mi muhdhathugai libunu aamudhanee 34% ithuru
The revenue received by the Maldives Inland Revenue Authority (MIRA) in January 2025 has decreased by 7.7 percent compared to the revenue received by MIRA in January 2024.
MIRA stated that the total revenue collected in January 2025 was MVR 3.34 billion. This amount is 7.7 percent lower than the revenue received during the same period last year. However, it is five percent higher than the amount projected for January 2025.
According to MIRA, the main reason for the decrease in revenue received in January 2025 compared to January 2024 is the reduction in revenue from Bank Income Tax and Income Tax collected from entities other than companies and individuals. In addition to this, the extension of the deadline for the first Income Tax payment for entities other than companies and individuals to February 2, due to the original deadline falling on a public holiday, is a reason for the decrease in revenue.
However, MIRA stated that GST revenue increased during this period, and revenue from Airport Tax and Fees had increased due to the rate increase effective from 1 December 2024.
One of the main reasons for the five percent increase over the projected revenue for January 2025 is the increase in revenue from Green Tax, Work Permit Fee, Tourism Sector GST, and Corporate Income Tax. Despite the extension of the Income Tax payment deadline, the payment of GST and Corporate Income Tax before the deadline is a reason for the increase in revenue received during this period.
Further, the number of tourists that arrived in the Maldives during this period was also two percent higher than projected, resulting in an increase in tourism-related revenue. In addition to this, MIRA stated that 11 percent of the revenue received in January 2025 was payments made by taxpayers for previous periods, which is also a reason for the increase in revenue during this period.
The largest share of revenue collected by MIRA in January 2025 came from GST, which is 47.7 percent or MVR 1.59 billion. The second largest revenue is from Income Tax, which is 35.8 percent or MVR 1.19 billion. In addition to this, MVR 115.39 million was received as Airport Development Fee, MVR 113.49 million as Departure Tax, MVR 108.26 million as Green Tax, and MVR 65.11 million as Tourism Land Rent.
The revenue collected in January 2025 includes USD 125.49 million.
