Record Revenue for Maldives Inland Revenue Authority with over USD1.4 billion in 2022

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The Maldives Inland Revenue Authority (MIRA) has seen a significant increase in revenue for the year 2022, with a total of over USD 1.43 billion. This is a staggering USD454 million increase compared to the previous year. Tax revenue alone for 2022 amounted to USD1 billion, compared to the USD714 million received in 2021.

The month of December alone brought in USD170 million, marking a 27.4% increase compared to the same month the previous year and an impressive 77% more than what was initially estimated. The largest contributor to this revenue was the Goods and Services Tax (GST) accounting for 34.2% and resort extension fees making up 34.1%.

Additionally, the revenue for December 2022 was notably higher than the previous year, thanks to increased collection of Tourism Goods and Services Tax (TGST), Airport Development Fee, Departure Tax, and Green Tax.