Maldives Inland Revenue Authority (MIRA) unveils total revenue collection for January 2021 in their recent statistics update.
As per the taxation and revenue authority, the total revenue collection for review month observes a 1.2% drop from corresponding month of 2020.
However, this was still a 76.8% increment from initial projections for the month.
Meanwhile, the authority affirms collection of 46.01 million in US Dollars.
MIRA reports the decline comes due to drop in major tax categories such as Green Tax, Airport Development Fee due to Covid-19 impact.
On the other hand, gradual recovery of tourism segment pushed TGST collection higher.
However, airport taxes and fees are lower due to decline in tourist influx for 2021 – so far.
As for revenue components, Income Tax shares 43.4% of the total earnings for January 2021.
Furthermore, GST collection shares a meager 3.2% of the total earnings.
According to statistics, MIRA made collections of MVR1,638.6 million in tax revenues.
On the other hand, non-tax revenue collection for review month stood at MVR152.0 million.