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Maldives records over 60% increase in tourism lease revenue

Rihiveli Beach Resort / FILE PHOTO

The state collected 66 per cent more revenue due tourism land rent in the first two months of this year, compared to the corresponding period last year, statistics published by Maldives Inland Revenue Authority (MIRA) has revealed.

According to the statistics, MIRA collected MVR22 million as land rent from the tourism industry in January and February of 2016. However, MIRA has collected MVR66 million this year thus far – which is a 66 percent increase compared to last year.

For the month of January, MIRA’s statistics revealed that the state collected a total revenue of MVR1 billion, of which MVR638.83 million was collected through Goods and Service Tax.

The second highest revenue source to the state was through Business Profit Tax, where the state collected MVR136.85 million. An additional MVR64.52 million was collected through green tax, while MVR45.99 million was collected as airport service charge, according to the statistics.

While the tourism industry proved to be the largest contributor to state revenue, the government recently leased 11 more islands and two lagoons to be developed as tourist resorts.

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