MVR 656.10 million collected as tax revenue in July

Maldives Inland Revenue Authority (MIRA) has announced the authority collected MVR 656.10 million as tax revenue in July.

The monthly revenue collection report released by MIRA shows the MVR 656.10 million collected as tax revenue in July is inclusive of USD 4.75 million.

The figure is a 69.6 percent drop compared to the same period last year. MIRA attributed the drop to the steep decline in Tourism Goods and Service Tax (TGST), Green Tax, and Tourism Land Rent due to the pandemic.

Tourism, the main economic driver of Maldives, had recommenced after a near four-month halt on July 15.

While the tax revenue in July was lower when compared to the same period last year, it was higher than the MVR 276.04 million collected as tax revenue in June.

The biggest contribution to the revenue came from Goods and Services Tax (GST). MIRA collected MVR 248.3 million as GST, which made for 43.3 percent of the total revenue.

The GST collected in July is 23.7 percent low when compared to the same period last year.

The second biggest contribution to tax revenue came from Income Tax. MIRA collected MVR 270.2 million as income tax, including MVR 7.5 million collected as Income Tax on individuals. It made for 41.2 percent of total revenue.

MIRA also collected MVR 27.55 million from Residential Permits, which made for 4.2 percent of total revenue; MVR 20.5 million as Business Profit Tax, which made for 3.1 percent of total revenue; and MVR 11.6 million as Vehicle Fee, which made for 1.8 percent of total revenue.

MVR 7.7 million was collected as fines.

Meanwhile, MIRA also collected 1.6 million as Airport Development Fee and MVR 1.6 million as Airport Service Charge.

MIRA reopened after the lockdown and resumed collecting taxes in July.