Malé, Maldives – Maldives Inland Revenue Authority (MIRA) reveals that the revenue collected for August 2021 is 3 percent below the projected amount.
MIRA states that this is mainly due to the decline in the collection of Income Tax, GGST, Airport Development Fee and Airport Service Charge.
According to MIRA, the revenue for August 2021 is a decrease of 25.4% in revenue compared to the same period last year, likely due to the decline in the collection of Income Tax. Due to the impact of the Covid-19 pandemic, reported profitability for the tax year 2020 had declined significantly which led to the decrement in the collection of Income Tax.
Additionally, payment towards Lease Period Extension Fee was received in August 2020, whereas this fee was not received in August 2021, which led to the comparative decrement in revenue.
The monthly revenue collection report states that GST contributed to 53.8 percent of the total revenue for August 2021, while income tax was at 24 percent, green tax 5.9 percent, work permit fee 3.2 percent and airport development fee at 2.7 percent.
Dollar revenue contribution includes TGST (63.6 percent) and green tax (13.4 percent) as the highest contributors.
MIRA also informs that 96.29 percent of payments were made electronically in August 2021 while 1.16 percent were cheques and the rest were below 1 percent.