The state’s revenue from taxes and other sources fell by MVR 737 million in the second quarter compared to the first quarter of 2021.
According to the most recent Maldives Inland Revenue Authority (MIRA) estimates, the state earned a total of MVR 4 billion in the first quarter of 2021. However, state revenue declined to MVR 3.3 billion in the second quarter as a result of the stricter COVID-19 restrictions.
The biggest decline was seen in categories linked to company revenue and earnings, which resulted in a decrease in numerous tax revenues, notably Goods and Services Tax (GST) and Tourism Goods and Services Tax (T-GST). However, revenue from the Airport Development Fee, Airport Service Charge, and Green Tax increased in the second quarter.
The largest revenue in tourism-related categories was generated by leasing islands for resort development, which totaled MVR 500 million. In addition, revenue from business profits tax and employee withholding tax increased.
According to the data, the state revenue from taxes and non-tax sources totaled MVR 7.4 billion in the first six months of 2021, which is about half of the predicted revenue of MVR 14.7 billion for 2021.
