A decline in revenue earned by the state has been recorded amid global economic impacts caused by the Covid-19 virus.
Statistics released by the Finance Ministry show the state received a revenue of MVR 2.9 billion including grants during January 2019. However, the number decreased to MVR 1.9 billion during the same period this year, the statistics show.
While the state received a tax revenue of MVR 2 billion during last year, the amount dropped to MVR 1.7 million this January.
MVR 567.3 million was received as Business Profit Tax (BPT) in January. However, this is a significant decline from the MVR 763.7 million received during the same period last year.
A decline was also recorded in the revenue received both as Withholding Tax and as Goods and Services Tax. While MVR 86.9 million was received as Withholding Tax during January last year, the amount dropped to MVR 77.7 million during the equivalent period this year. A revenue of MVR 287.5 million was received as GST this January compared to MVR 302.1 million received during the same period last year.
However, revenue received as Tourism Goods and Services Tax and Airport Service Charge increased this year. MVR 485.7 million was received in January 2019 while the amount increased to MVR 519.6 million during the first month of the current year. MVR 59.2 million received as Airport Service Charge increased to MVR 68.6 million this year.
Non-tax revenue also decreased this year compared to the previous year. Last January, MVR 484.5 million was received as non-tax revenue. This value decreased to MVR 215.3 million this year.
While the global economy is suffering due to the Covid-19 outbreak, the number of tourists visiting the Maldives has decreased significantly. Several airlines that frequently fly to Maldives have temporarily suspended flights due to the pandemic.
