Maldives Inland Revenue Authority (MIRA) have publicized the revenue collection for the second quarter of 2020.
Moreover, the revenue and taxation authority notes a staggering 75.1% decline in collections for the review quarter in comparison with the same period of 2019.
According to MIRA the total revenue collection stood at MVR992.72 million.
On the other hand, the revenue collection for previous quarter stood at MVR4.35 billion.
Meanwhile the revenue collection for Q2-2019 stood at MVR3.99 billion.
Furthermore the revenue in USD for review quarter stood at USD36.76 million, marking a 77.1% decline from corresponding quarter.
Top Revenue Contributors for Q2-2020
- Goods and Services Tax: MVR483.36 million (48.7% of the total revenue)
- Tourism Land Rent: MVR192.46 million (19.4% of the total revenue)
- Green Tax: MVR47.66 million (4.8% of the total revenue)
- Airport Development Fee: MVR41.42 million (4.2% of the total revenue)
- Airport Service Charge: MVR41.03 million (4.1% of the total revenue)
Goods and Services Tax (GST) Collection:
As per MIRA, the total GST collection for the quarter stood at MVR483.36 million, which is a 76.4% decline from the corresponding quarter of 2019.
Moreover, 46.1% of GST collection relates to tourism section with the remaining 53.9% from the general sector.
The Tourism Goods and Services Tax (TGST) collection stood at MVR222.6 million, which is an 83.1% decline from Q2-2019.
In the corresponding quarter of last year, the collection stood at MVR1,316.61 million (MVR1.3 billion).
On the other hand, General Goods and Services Tax (GGST) collection stood at MVR260.76 million which is a 64.3% decline from the same period last year.
GGST collection in Q2-2019 stood at MVR730.73 million.
Tourism Land Rent Collection:
The Tourism Land Rent Collection saw a slight improvement in the review quarter from that of the preceding quarter.
However, the collection still saw a notable drop in comparison with the corresponding quarter of 2019.
MIRA reports Tourism Land Rent collection at MVR192.46 million in Q2-2020, while it stood at MVR174.15 millio in Q1-2020.
On the other hand, the collection stood at MVR384.15 million in the corresponding quarter of 2019.
Green Tax Collection:
Green Tax is another tourism related revenue, and the island nation’s tourism sector saw decline in business activity due to border closure.
Subsequently the cancellation of on-arrival visas on 27 March pushed for the revenue drop in tourism sector as tourist arrivals dropped.
According to MIRA, the Green Tax collection for Q2-2020 stood at MVR47.66 million which is a 78.1% decline from the same quarter last year.
Meanwhile Green Tax stood at MVR236.0 million in the previous quarter while in Q2-2019 it was at MVR217.7 million.
Airport Development Fee Collection:
The revenue component saw a collection of MVR41.42 million for the review quarter which is a 77.7% decline from the same period last year.
Moreover, MIRA notes the decline comes due to the border closure by government as preventive measure against Covid-19 pandemic.
On the other hand, the collection stood at MVR200.94 million in Q1-2020 while in Q2-2019 it was observed at MVR189.48 million.
Airport Service Charge Collection:
This too saw a significant impact due to the government’s decision to close the country’s borders.
Moreover the Airport Service Charge collection for the review quarter stood at MVR41.03 million which is a 78.3% decline from the same period in 2019.
During the first quarter of 2020, the collection stood at MVR199.33 million whereas in Q2-2019 the collection stood at MVR189.48 million.