MVR 390 million collected as tax revenue in October

Airport Development Project at Velana International Airport. (File Photo/Sun/Fayaz Moosa)

Maldives Inland Revenue Authority (MIRA) has announced the authority collected MVR 390.57 million as tax revenue in October.

The monthly revenue collection report released by MIRA shows the MVR 390.57 million collected as tax revenue in October includes USD 4.68 million.

The tax revenue collected by MIRA in October this year is a 57.9 percent decline compared to the same period last year.

MIRA attributed the decline in tax revenue to the continued negative impact of the COVID-19 pandemic, resulting in a decline economic activities and a drop in Tourism Goods and Service Tax (TGST) and Green Tax – key sources of tax revenue prior to the pandemic.

The biggest contribution to tax revenue in October came from Goods and Services Tax (GST). MIRA collected MVR 247 million as GST, which made for 63.3 percent of the total revenue.

The second biggest contribution to tax revenue came from Income Tax. MIRA collected MVR 52.3 million as Income Tax in October, which made for 13.4 percent of total tax revenue.

MIRA collected MVR 20 million as Business Profit Tax, which made for 5.2 percent of total tax revenue; MVR 18.5 million from Residential Permits; and MVR 9.3 million as Vehicle Fee.

Meanwhile, MIRA also collected MVR 9.9 million as fines, MVR 4 million as Airport Development Fee and MVR 3.9 million as Airport Service Charge.