MIRA Publishes Monthly Revenue Collection Details for September 2020

Maldives Inland Revenue Authority (MIRA) published the details of their Monthly Revenue Collection for the month of September 2020. According to the MIRA, they have collected MVR 843.04 million as Total Revenue Collection inclusive of US Dollars for September 2020. They however did specify that collection made as Monthly Revenue for this period consisted of USD 6.47 million.

In comparison to September 2019, this is a significant decrease by -30.9%. MIRA states that the decrease is a result of the impacts of the COVID-19 pandemic particularly highlighting the decrease in tourist arrivals which subsequently declined economic activities in the country’s largest economic sector. In this regard, major tax collections such as GST and Green Tax has remarkably decreased. Whereas the government has extended all land rent deadlines in relation to tourism, it corresponded to the lower collection of revenue for this period as well.

Income tax generated the largest amount of revenue for this period by 45.7%, whereas Goods and Service Tax (GST) generated 25.8%, Business Profit Tax (BPT) generated 17.8%, Residential Permit Tax generated 17.8%, Zakat al-mal generated 1.3% whilst all remaining taxes comprised of 6.9% of the monthly revenue for this period.

In September 2019, MIRA recorded the collection of MVR 1, 1220.5 as Monthly Revenue inclusive of US Dollars. Maldivian economy is expected to positively pickup with the flourishing of the tourism industry post border re-opening.