State revenue falls by 26.9 percent in March

Maldives Inland Revenue Authority (MIRA), on Monday, announced a 26.9 percent drop in revenue in March compared to the same period last year.

Records released by MIRA shows it collected total MVR 1.11 billion, including USD 49.2 million, in revenue in March.

The biggest contribution to the revenue had come from Goods and Services Tax (GST), making for 57 percent of the total revenue. MIRA received MVR 637.67 as GST in March, which is a significant MVR 94.44 less than in March 2019.

12 percent of the total revenue came from Business Profit Tax (BPT). MIRA received MVR 81.38 million as BPT, which is a significant MVR 56.69 million less than in March 2019.

Another 12 percent of the total revenue came from Tourism Land Rent.

Additional records released by MIRA shows in received MVR 74.04 million as Green Tax, MVR 59.17 million as Airport Development Fee, and MVR 58.96 million as Airport Service Charge.

MIRA attributed the drop in revenue to a significant decrease in tourist arrivals due to the COVID-19 pandemic, and an extension of the deadline to submit Tourism Land Rent.