Maldives Inland Revenue Authority records an income loss of 81 percent in May 2020 compared to May 2019.
In the monthly revenue collection report for May 2020, MIRA said the government collected MVR 206.28 million in revenue. MIRA said the government also collected USD 7.03 million in the month of May.
MIRA generated the most income through GST with it covering 55 percent of the total revenue. While 9.7 percent of the revenue was recorded as income tax, MIRA said 8.2 percent was collected from the airport development fee. A further 8 percent was generated from Airport service charge while 5.8 percent was recovered from Tourism Land rent. MIRA also said that 13.3 percent was generated from other avenues.
MIRA said that a decrement of 81 percent was recorded for May 2020 compared to May 2019.
In its report, MIRA highlighted that as a preventive measure against the Covid-19 pandemic, a lockdown was initiated and an on-arrival visa was canceled. It also said that all the tax deadlines have been extended until the re-opening of MIRA which resulted in the decrement in May 2020’s revenue compared to May 2019.
