The Maldives Inland Revenue Authority (MIRA) has stated that MVR 1.27 billion in total tax revenue was collected in August.
According to MIRA’s monthly revenue collection report, overall revenue received in August was 3% lower than expected revenue for the month, and 25.4% lower than revenue collected in August 2020.
The taxation authority ascribed the decrease in revenue to a decrease in income tax collection, stating that owing to the effect of the COVID-19 pandemic, reported profitability for the tax year had fallen considerably, resulting in a decrease in income tax collection.
It further said that payment for the Lease Period Extension Fee was received in August 2020, but not in August 2021, resulting in a comparable decrease in revenue.
According to the report, GST contributed the most to revenue in August, totaling MVR 685.41 million, accounting for 53.8% of total income.
Income Tax was the second largest contributor to revenue, with a total of MVR 305.27 million, accounting for 24% of total revenue.
Furthermore, the Green Tax came in third with MVR 75.62 million, followed by the Work Permit Fee with MVR 40.18 million, the Airport Development Fee with MVR 33.81 million, and miscellaneous taxes and fees with MVR 133.42 million.