Maldives Inland Revenue Authority (MIRA) reveals the state revenue collection exclusive for the month of June 2021.
According to the taxation and revenue collection authority, the state revenue for the review month hit MVR1.19 billion – inclusive of USD collection. Moreover, the revenue collected in USD exclusively reached 54.98 million.
Furthermore, MIRA testifies the revenue collection for June 2021 observed a significant 326.2% increment in comparison with the same month of 2020.
On the other hand, the revenue collection recorded for June 2021 was a 3.2% improvement on initial projections as well.
Highlighting on the significant improvement in state revenue, MIRA pointed out that the growth was mirrored from the increment in collection of Income Tax, TGST and GGST along with improvement in Green Tax, Airport Development Fee, Airport Service Charge and Tourism Land Rent collections as well.
Earlier in 2020, the period was under a state-imposed lockdown as well as an international border closure which resulted in a steep decline in tourism sector resulting in low tourism-related income yield.
As for revenue contribution, GST (inclusive of both TGST and GGST) maintained the highest share with 44.6% of the total while Tourism Land Rent covered 31.1% share of the total.
State collected a total of MVR719 million in June 2021 exclusively through tax-income sources and another MVR467.6 million through non-tax sources – which brings the total revenue collection to MVR1,186.6 million (MVR1.19 billion).
