MIRA confirms revenue increase by 326.2% in June 2021

TGST collection saw improvement in light of modest increment in tourism field in comparison with 2020

Maldives state earned a sum total of MVR1.19 billion in revenue for the month of June 2021.

The update was shared by Maldives Inland Revenue Authority (MIRA) in their latest “Monthly Revenue Collection” report.

According to the country’s taxation and revenue collection authority, Maldives government earned a total of MVR1,186.6 million (MVR1.19 billion) inclusive of USD collection as well. Moreover, state collected a total of 54.98 million in USD exclusively.

Furthermore, MIRA reported an increment of 326.2% in revenue for the review month in comparison with June 2020.

Moreover, the total revenue collection observed for the month of June 2021 was a 3.2% improvement on initial projections for the month as well.

The significant improvement in revenue for the review month is mostly contributed through the strong growth in the collection of Income Tax, TGST and GGST. Other revenue categories such as Green Tax, Airport Development Fee and Airport Service Charge along with Tourism Land Rent had driven up the total revenue collection as well.

As such, total tax-revenue for June 2021 stood at MVR719 million while non-tax revenue hit a total of MVR467.6 million.

In June 2020, Maldives state earned only a total of MVR278.4 million in revenue owning to the state-imposed lockdown and international border closure which resulted in the steep decline in revenue.

 

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