Maldives Inland Revenue Authority (MIRA) has announced it collected MVR 1.27 billion as total revenue in the month of August.
The monthly revenue collection report published by MIRA this Monday shows the total revenue collected in August was 3 percent lower than the projected revenue for the month, as well as 25.4 percent lower than the revenue collected in the same period last year.
MIRA attributed the decline in revenue to the decline in collection of Income Tax.
“Due to the impact of the COVID-19 pandemic, reported profitability for tax year 2020 had declined significantly which led to the decrement in collection of Income Tax. Additionally, payment towards Lease Period Extension Fee was received in August 2020, whereas this fee was not received in August 2021, which led to the comparative decrement in revenue,” wrote MIRA in its report.
The biggest contribution to revenue in August came from GST. MIRA collected MVR 685.41 million in GST, which contributed to 53.8 percent of total revenue.
The second biggest contribution to revenue came from Income Tax. MIRA collected MVR 305.27 million in Income Tax, which contributed to 24 percent of total revenue.
Other top revenue contributors:
Green Tax: MVR 75.62 million
Work Permit Fee: MVR 40.18 million
Airport Development Fee: MVR 33.81 million
Other taxes and fees: MVR 133.42 million
The MVR 1.27 billion in revenue collected in August includes USD 36.92 million.