State's revenue falls by 25 percent

The State's revenue has fallen by 25 percent.

Maldives Inland Revenue Authority (MIRA) collected MVR 1.27 million as revenue in August. The figure is a 25.4 percent decrease from the amount collected during same period last year, and 3.0 percent off the revenue forecast for the period.

The main reason for the decline is the current COVID-19 situation, said MIRA. In 2020, businesses were affected by the pandemic, which resulted in a decline in the amount collected as income tax. However, the state received a significant amount as resort land rent in August 2020.

This August, GST was the top revenue-generating source. 53.8 percent, or MVR 685.41 million was collected as GST last month. 24 percent of revenue collected was from Income Tax. MVR 305,27 was received as Income Tax.

The state also received MVR 75.62 million, or 5.9 percent of total revenue, as Green Tax. An additional MVR 40.18 million, or 3.2 percent of revenue was received as work permit fees. While MVR 33.81 million (2.7 percent) was received as Airport Development Fee, a further MVR 133.42 (10 percent) million was received as other taxes and fees.

The state also received USD 36.92 million during August.