MVR 206 million collected as state revenue: 81% drop compared to last year

The Maldives Inland Revenue Authority (MIRA) has revealed that a total of MVR 206.28 million was collected as state revenue for the month of May 2020.

The authority publicized its statistics for monthly revenue collection on Thursday, which reads that the USD revenue collected for the month of May was at USD 7.03 million.

9.7% of the total state revenue was received as income tax, at MVR 19.9 million and MVR 1.4 million was also received as Business Profit Tax whereas MVR 16.4 million was received through Resident Withholding Taxes.

MVR two million was also received through Employee Withholding Tax.

MIRA also collected MVR 7.9 million as Green Tax, MVR 113 million as Goods and Services Taxes and MVR 52 million through the tourism sector, during May.

A decrement of 81% was recorded for the month of May in comparison to the same period last year, which was a result of the extension of tax deadlines until MIRA is reopened. MIRA added that it was a result of the lockdown declared by the government and the cancellation of on-arrival tourist visas due to the Covid-19 pandemic.

The statistics go on to reveal that the tax revenue collected during May 2020 is at 158.1 million whereas 48.2 million was collected as non-tax revenue which is a major decrement compared to 2019. During the same period last year, 935.8 million was collected as tax revenue and 151.4 as non-tax revenue.

Statistics also reveal the contributions to the total revenue at 55% as Goods and Services Tax, 9.7% as income tax, 8.2% as Airport Development Fee, 8% as Airport Service Charge, 5.8% as Tourism Land Rent and 13.3% for other means.

MIRA recorded contributions to the USD revenue in 49.1% for Tourism Goods and Services Tax, 11.1% in Tourism Land Rent, 7.4% in Green Tax, 15.5% in Airport Development Fee and 15.4% for Airport Service Charges as well as 1.5% for other means.