Maldives Reports MVR 5.84 Billion in Q2 Revenue

This marks a 12.6 percent increase compared to the same quarter last year but falls short of projections by 10.7 percent.

The revenue growth is attributed to a 5.2 percent rise in tourist arrivals, a 7.4 percent increase in taxable bed nights subject to green tax, and a 4.7 percent increase in departures between March and May 2024.

For Q2-2024, tax sources contributed 82 percent of the state's revenue, totaling MVR 4.80 billion, which is a 13.1 percent increase from the previous year but an 11.5 percent decline from projections. Non-tax sources accounted for 18 percent, amounting to MVR 1.04 billion, a 10.2 percent increase from the same period last year but a 6.8 percent decline from projections.

The total revenue collection includes USD 236.02 million (MVR 3.62 billion), an 18.6 percent increase compared to Q2-2023. The currency composition was 62.0 percent in USD and 38.0 percent in MVR.

The top revenue contributors were Goods and Services Tax (GST) at MVR 3.30 billion (56.5 percent), Income Tax at MVR 956.01 million (16.4 percent), Tourism Land Rent at MVR 420.75 million (7.2 percent), Airport Development Fee at MVR 291.76 million (5.0 percent), and Departure Tax at MVR 286.38 million (4.9 percent). GST collection saw a 19.5 percent increase, with 65.4 percent related to the tourism sector.

During the quarter, MIRA conducted 1,657 compliance visits and completed 7 criminal investigations related to tax evasion. The authority enforced the collection of MVR 639.3 million from various parties and filed two legal cases, with 14 judgments passed in its favor. There were also 15 cases filed against MIRA, with one judgment passed against the authority.