State Receives Revenue of MVR 624 Million in July

Maldives Inland Revenue Authority (MIRA) has revealed that the state received MVR 624.07 million in revenue in July.

According to MIRA's data, the state received USD 21.1 million out of the MVR 624.07. The revenue for this July is a 6.2 percent decrease compared to July 2020. MIRA attributed the decrease to extending the deadline for taxes following the Eid al-Adha holiday and Independence Day. The authority also noted the reduction in land rent, income tax, and Goods and Services Tax (GST).

Although revenue has decreased compared to last year, it is 13 percent more than MIRA's projection. This was due to an unexpected hike in Tourism Goods and Service Tax (TGST) and income tax.

tourism covers 17.9 percent, income tax contributed to 17.6 percent. 4.5 percent is from Green Tax, and 4.2 percent is from issuing work permits.

It is worth noting that revenue in July is fairly less in contrast to pre-COVID times. From 2017, the state had been receiving over MVR 2 billion in revenue every July.