60 percent decline in revenue collected in November

Maldives Inland Revenue Authority (MIRA) has reported that the revenue collected by the authority fell by 59.9 percent during the last month.

The national tax authority, MIRA said the authority collected MVR 461.49 million as revenue during November. MIRA said the decline in revenue compared to the same period last year is due to the decrease in tourism-related activity as a result of the COVID-19 pandemic. In this regard, the revenue collected as GST and TGST decreased significantly while no revenue was collected as Lease Period Extension Fee during the period.

66.9 percent of the total revenue collected by MIRA was collected as GST, which is equivalent to MVR 308.68 million. MVR 42.09 million was collected as Income Tax while MVR 19.77 million was collected as Resident Permits. An additional MVR 16.49 million was collected as Green Tax and MVR 11.33 million was collected as BPT. MVR 63.13 was collected as other taxes and fees.

The revenue collected includes USD 11.26 million.