Male’, Maldives – Maldives Inland Revenue Authority (MIRA) reveals that they have collected MVR 624.07 as revenue in July 2021, including all USD collections.
The monthly revenue collection report states that GST contributed to 46.7% of the revenue for July 2021, while 17.9% of the revenue was collected from Tourism Land Rent, 17.6% of revenue was from Income Tax, 4.5% from Green Tax, 4.2% from Work Permit Fee and the remaining 9.1% from other sources such as TGST, GGST and Airport Service Charges.
MIRA informs that this is a 13.6% increase of the projected revenue for July 2021 due to the increase in collection of Income Tax and IGST over the estimated amounts.
According to MIRA, the revenue for July 2021 is a decrease of 6.2% in revenue compared to the same period last year, likely due to the extension of deadline for major taxes due to Eid holidays. Statistics reveal a decline in collection of Income Tax, CGST and Land Sales Tax compared to the previous years. In addition to this, in July 2020, MIRA also received payment from Land Acquisition and Conversion Fee, which was not received in July 2021.