MIRA collected MVR 3.34 billion as revenue in January 2025. This is a decrement of 7.7% compared to the same period last year. Moreover, it is an increment of 5% compared to the forecasted amount for January 2025.
Revenue for January 2025 is higher than January 2024, mainly due to the decrease in Bank Income Tax along with and Corporate Income Tax. Moreover, with the initial deadline for Corporate Income Tax coincided with a public holiday, resulting an extension of deadline to 2nd February 2025, which lead to the decline in collections. However, this decrease was partially offset by an increase in timely GST collections, as well as higher Airport Taxes and Fees, which saw an uplift due to a rate increase per flying class, effective December 1, 2024.
Revenue of January 2025 is higher by 5% compared to projections was mainly resulted by higher collections in GGST, TGST, Corporate Income Tax, Work Permit Fee, and Green Tax. Timely payments of GST and Corporate Income Tax, despite the extended Income Tax deadline, contributed positively to revenue performance. Additionally, a 2% increase in tourist arrivals further boosted tourism-related revenues. Furthermore, 11% of the monthly revenue was recovered through dues recovery efforts, which resulted in a higher collection compared to projection.
In January 2025, GST accounted for the largest share of revenue received by MIRA which is 47.7% or MVR 1.59 billion. The next largest revenue was from Income Tax which is 35.8% or MVR 1.19 billion. In addition, Airport Development Fee MVR 115.39 million (3.5%), Departure Tax of MVR 113.49 million (3.4%), Green Tax MVR 108.26 million (3.2%), and Tourism Land Rent MVR 65.11 million (2.0%)
Out of the revenue collected in January 2025, USD 125.49 million constitutes the dollar collection.
For more information: https://www.mira.gov.mv/Files/GetFile/8eae3ffd-5362-4bed-9373-f1e5260969c1