State revenue collection drop over 82% in June

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The total revenue collection to Maldives government in June 2020 observes a significant drop.

As such, according to Maldives Inland Revenue Authority (MIRA) the total revenue collection for review month hit only MVR276.04 million.

Although this collection marks a slight improvement over the MVR206.28 million in May 2020, it is still a drop by 82.7% in comparison with corresponding month of 2019.

Moreover, collection in USD hit only at 7.42 million as per MIRA.

Furthermore, the tax authority confirm revenue drop comes mainly due to extension of tax-deadlines amid the lockdown until MIRA re-opening.

As for contribution, Goods and Service Tax (GST) collection takes up the largest revenue share.

MIRA reports the GST collection for June 2020 took up 47.9% of the total, while collection from Business Profit Tax (BPT) took up 17.2% of the total.

Meanwhile, tax revenue total hit MVR186.5 million in June while non-tax total hit a meager MVR89.5 million.

On the other hand, in corresponding month of 2019 tax revenue hit MVR1.13 billion.

Moreover, the non-tax total for June 2019 hit MVR464.9 million.

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