According to Maldives Inland Revenue Authority (MIRA) the state earnings for the month of July 2021 observed a 6.2% decrement in comparison with the same month last year.
Moreover, the total state revenue, inclusive of USD collection, stood at MVR624.07 million. State earned 21.10 million in US Dollars for the period.
Furthermore, MIRA notes the comparative decline in revenue was reflective on the extension of deadline for major taxes. As such, major tax deadlines that usually fall towards the end of July were pushed back to the current month of August – due to extended Eid holidays.
On the other hand, collections on major tax categories such as Income Tax, GGST and Land Sales Tax observed decline in comparison with the same month in 2020.
However, the collection in July 2021 was still a 13.6% improvement from initial projections.
Goods and Services Tax (GST) inclusive of both General and Tourism, remained the major tax category with a share of 46.7% out of the total while the non-tax revenue stream tourism land rent covered 17.9% of the total.
Meanwhile, the state earned MVR444.1 million in tax revenues for the review month while it earned MVR180.0 million in non-tax revenues in the same period.