The quarterly revenue collection for Q3-2019 reached MVR4.24 billion, marking a decline of -4.0% from Q3-2018.

Maldives Inland Revenue Authority (MIRA) in their quarterly statistics confirm the same, adding it was also a -5.4% slip from initial projections for the review period.

Revenue collection for the period hindered over decrement in tax sources such as Business Profit Tax (BPT), GST and non-tax sources such as Tourism Land Rent.

On top of this, a one-off payment to extend one of the resorts by 99 years, along with acquisition payments for leased islands bulked up collection in the corresponding quarter of 2018.

Statistics confirm total tax revenue collection for review quarter hit MVR3.41 billion, marking a 0.7% jump from the same quarter last year.

However, this collection figure posts a -5.6% drop from projections for the review quarter.

Meanwhile the quarterly non-tax revenue collection reached MVR836.48 million, which is a staggering -19.3% decline from Q3-2018 and a sharp -4.5% slip from initial estimates.