Total revenue drop 75.1% in 2020 second quarter

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The total revenue of the second quarter of 2020 observes a massive 75.1% drop as per Maldives Inland Revenue Authority (MIRA).

According to MIRA the decline is reflective in comparison with the corresponding quarter of 2019.

Moreover, MIRA reports the revenue collection for the review quarter stood at MVR992.72 million – inclusive of USD collection.

Earlier, in the first quarter the revenue collection stood at MVR4.35 billion.

Meanwhile, the revenue collection faced challenges in review quarter due to lockdown of Greater Male’ Region.

Subsequently the border closure which came to effect in late March stretched through the second quarter.

Maldives government lifted the border closure on 15 July 2020, at the start of the third quarter.

During the review quarter the tax and non-tax deadlines saw extension until MIRA reopened for the following quarter.

Furthermore, MIRA reports the revenue decline comes from the drop in TGST, Green Tax, Tourism Land Rent, Airport Service Charge and Airport Development Fee collections.

Moreover the border closure halted tourist arrivals, thus stalling tourism related revenues.

According to MIRA the tax revenue collection for the period stood at MVR670.86 million, marking a 78.9% decline from Q2-2019.

On the other hand, non tax revenue collection for Q2-2020 stood at MVR321.86 million, marking a 60.3% decline.

Furthermore non tax revenue collection saw a decrement of MVR488.04 million in the review quarter, mainly coming from the drop in collection of Tourism Land Rent.

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