The Maldives Inland Revenue Authority (MIRA) reported a 15 percent decline in US dollar revenue last month compared to the same period last year.
According to MIRA statistics, the agency collected $126.8 million in September, down from the $150.2 million recorded in September last year.
Despite the overall decline in dollar revenue last month, MIRA’s report indicates that this was not due to a decrease in tourism-related taxes.
The latest tax collection report shows that revenue from Tourism Goods and Services Tax (TGST) and Green Tax—which account for a significant portion of dollar earnings—actually increased compared to last year.
However, revenue from airport departure taxes saw a decline. While $12.9 million was collected in airport taxes in September last year, the figure dropped to $11.2 million during the same period this year.
The factor behind the significant year-on-year discrepancy in dollar revenue was a sharp decrease in lease period extension fees. In September last year, the state received $33 million from these fees, whereas only $375,000 was collected from this source in September this year.
Furthermore, dollar revenue from various non-tax sources also experienced a downturn.
Despite the dip in last month's figures, total dollar revenue remains higher than last year. MIRA has collected $1.2 billion so far this year, compared to $1.1 billion during the same period in the previous year.
The overall increase in annual revenue is largely attributed to the record-breaking dollar earnings recorded during the first three months of the year.
