Tax revenue for March 20.3% lower than estimated: MIRA
The amount is 26.9% lower compared to the same period last year.
Aerial view of Male City port
Maldives Inland Revenue Authority (MIRA) has reported a revenue of MVR 1.11 billion for the month of March this year, which is 20.3% less than estimated.
The amount is 26.9% lower compared to the same period last year. As such, MIRA had anticipated lower revenue due to changes brought to tax collection deadlines as a result of government holidays in addition to the pandemic's impact on tourism.
As such, tourist arrivals in the month of February 2020 had fallen by 11.1% in the same period last year.
Majority of MIRA's revenue for March was comprised of GST at MVR 637.67 million, followed by MVR 131.64 million in tourism land rent.
MVR 81.38 million was collected as BPT, whereas MVR 74.04 million was collected as Green Tax with MVR 59.17 million in airport development fees.
MIRA states that MVR128.68 million was collected as other taxes. Taxes collected for the state include USD 49.2 million.
Maldives' is expected to experience an economic downfall due to the impact of Covid-19 on the country's main industry; Tourism. Likewise, an MVR12 billion deficit has been forecasted for this year's state budget.
Economic experts have appealed to stay prepared for future impending losses due to the pandemic. They also state that the Maldives economy is dependent on the current global situation.
