MIRA reports MVR656.10m in total revenue for July 2020

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Maldives Inland Revenue Authority (MIRA) confirms state revenue at MVR656.10 million for July 2020.

Moreover, according to the taxation authority the revenue total was inclusive of USD collection.

According to MIRA the total revenue collection in USD for review month stood at 4.75 million.

Meanwhile the revenue collection for July sees a decrement of -69.6% in comparison with corresponding month of 2019.

Furthermore, MIRA reports the authority re-opening in July post the Covid-19 lockdown with major deadlines for tax and non-tax payments set for the month and August 2020.

However, due to drop in revenue from Green Tax, Tourism Land Rent and TGST the revenue for review month fell.

According to MIRA, the revenue for July includes MVR582.7 million in tax revenues and MVR73.4 million in non-tax revenues.

As for the revenue contribution, GST shares 43.3% of the total revenue composition with Income Tax sharing 41.2% – making both the strongest streams to state.

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