MVR 624 million collected as tax revenue in July

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

Maldives Inland Revenue Authority (MIRA) has announced that the authority collected MVR 624 million as tax revenue in July.

While this amount is a 13.6 percent increase compared to that of what was projected for July 2021 – this is a 6.2 percent decreased when compared to July 2020.

MIRA attributes the decrement to the extension of the deadline for major taxes that fell towards the end of July to August due to the Eid holidays. Following this, the authority has recorded a decline in the collection of Income Tax, GGST, and Land Sales Tax in July 2021 compared to that of last year.

In addition to this, Land Acquisition and Conversion Fee which was received in July 2020 was not received this year – also leading to the decrement.

The top revenue contributor in July 2021 is GST – comprising 46 percent or MVR 291.59 million of the total. Second top contributor is Tourism Land Rent – comprising of 17.9 percent or MVR 111.90 million. Third is Income Tax – comprising of 17.6 percent or MVR 109.64 million. Fourth is Green Tax – comprising of 4.5 percent or MVR 28.19 million. Fifth is Work Permit Fee – comprising of 4.2 percent or MVR 25.92 million.

The remaining MVR 56.82 million were received from other taxes and fees.

The total tax revenue collected in July 2021 included USD 21.10 million as well.