State revenue drops drastically to MVR 527.47 million in April

Maldives Inland Revenue Authority (MIRA). (Sun Photo/Fayaz Moosa)

Maldives Inland Revenue Authority (MIRA) has reported a 59.6 percent drop in revenue in April compared to the same period last year.

Records released by MIRA shows it collected total MVR 527.47 million as revenue in April. A significant 59.6 percent drop compared to the MVR 1.31 billion it collected as revenue in April 2019.

MIRA attributed the drastic drop in revenue to the closure of borders and cease in tourism activity due to the COVID-19 pandemic, along with extensions awarded on tax deadlines.

Same as prior months, the biggest contribution to the revenue came from Goods and Services Tax (GST). MIRA received MVR 235.75 million as GST, which made for 44.7 percent of the total revenue.

The second biggest contributor was Tourism Land Rent. MIRA received MVR 133.02 million as Tourism Land Rent, which made for 25.2 percent of total revenue.

The third biggest contributor was Business Profit Tax. MIRA received MVR 39.99 million as BPT, which made for nine percent of total revenue.

MIRA’s records show it also received MVR 35.74 million as Green Tax, MVR 27.52 million was Airport Development Fee, and MVR 27.35 million as Airport Service Charge.