USD revenue declined by $4 million in April

US dollar revenue collected by Maldives Inland Revenue Authority (MIRA) declined by USD 4 million in April, according to the monthly revenue collection report released by the institution.

The monthly revenue collection report released by MIRA shows the authority collected MVR 2.63 billion in April, including USD 120.70 million in US dollar revenue.

The dollar revenue collection in April was USD 4.4 million less than in March, when the authority collected USD 205.18 million.

The biggest contribution to USD revenue in April came from Tourism Goods and Services Tax (TGST). As such, MIRA collected USD 72 million in TGST last month.

TOP USD REVENUE CONTRIBUTORS:

• TGST: USD 72 million
• Green Tax: USD 12 million
• Airport Development Fee: USD 10 million
• Airport Departure Tax: USD 10 million
• Tourism Land Rent: USD 8 million
• Income Tax: USD 7 billion

The decline in US dollar revenue comes as Maldives tourism industry struggles in the fallout from the US-Israeli war on Iran. The decline in tourist arrivals amid the conflict has led to a decrease in tourism-related revenues.

Top tourism associations the Maldives Association of Travel Agents and Tour Operators (MATATO) and the National Hotels and Guesthouses Association of Maldives (NHGAM) recently warned that the losses suffered by the Maldives tourism sector since March had surpassed USD 500 million.

They asked for urgent government support.

At his weekly press briefing on Monday, President Dr. Mohamed Muizzu said the special cabinet committee set up in response to the Middle East conflict was closely monitoring the situation and studying the impact on the tourism sector.

He said that the committee was engaged in discussions with various tourism industry stakeholders, and that his administration would identify and implement measures to support businesses operating in the tourism sector, based on the results of the research.