US Dollar income for Maldives on the rise

Photo shows a woman making a withdrawal from a US Dollar ATM machine of Bank of Maldives. (Photo/BML)

Maldives Inland Revenue Authority (MIRA) has stated that the US Dollar earnings for the state in November had increased when compared with October. 

MIRA said that it received USD 11.26 million in November. In October, MIRA received just USD 4.68 million. In November, an increase of 82 percent in terms of dollar income was observed. 

MIRA statistics also show that the state earned USD 6.74 million while in August, it received USD 21.67 million. 

The highest income in terms of US Dollars was through TGST with a total of USD 8.4 million. This around 75.4 percent of the total income. USD 1 million was received as Green Tax which is a total of 9.5 percent. 

MIRA also stated that USD 457,467 was received as Airport Service Charges while USD 463,323 was received as Airport Development Fees. USD 303,000 was received as CSR. 

The reduced earnings were attributed to the COVID-19 situation and its impact on the economy. The main source of foreign currency to the Maldives is through tourism, an industry hard hit by the virus.