State revenue register 30.9% drop in September 2020

Popular

Maldives Inland Revenue Authority (MIRA) confirms drop in state revenue collections for the previous month; September.

Moreover, the taxation and income authority confirm total revenue inclusive of USD collection for the review month stood at MVR843.04 million.

Total collection in United States Dollar stood at 6.74 million in September 2020.

According to MIRA, the decrement comes due to impact of the Covid-19 pandemic – more precisely from the drop of tourist arrivals.

Furthermore, the authority claim decline in economic activity and tax collection in tourism sector due to this.

Subsequently the receipts from GST as well as Green Tax saw decline in the review month.

As per MIRA the highest revenue component for September was from Income Tax.

Moreover, Income Tax component shared 45.7% of the total revenue while collection from GST took up 25.8% of the total.

Total tax revenues for the period stood at MVR762.8 million.

On the other hand, non-tax revenue total for review month hit MVR80.3 million whereas in the same month last year it stood at MVR482.6 million.

Furthermore, total GST inclusive of both general and tourism taxes, stood at MVR217 million.

 

Comments