The total revenue collection to Maldives state in August 2021 stood at MVR1.27 billion, inclusive of the USD collection, reports Maldives Inland Revenue Authority (MIRA).
Moreover, as per the taxation and revenue authority the state earned a total of 36.92 million in United States Dollar.
As per the revenue collected to state exclusively in August, MIRA reported a decrement of 25.4% in the review month when compared with the same month in 2020. Furthermore, MIRA claims this decline is due to drop in the collection of Income Tax.
The Covid-19 impact in 2020 had dwindled the reported profitability for the year 2020, which lead towards the decrement of the Income Tax.
Another reason for a bump in August 2020 came due to the payments received towards Lease Period Extension Fee, which was not received in August 2021.
Meanwhile, the revenue collection in the review month has been a 3.0% below projected levels for August 2021. As per MIRA, this decline is once again reflected in the decline in the collection of Income Tax along with GGST, Airport Development Fee and Airport Service Charge.
Furthermore, the revenue composition reveals Goods and Services Tax (GST) leading as the top revenue contributor with 53.8% of the total revenue churned from the said tax source.
On the other hand, 24.0% came from Income Tax while 5.9% came from Green Tax and 3.2% from Work Permit Fee.
Revenues collected to state through USD include 63.6% of the revenue coming from Tourism Goods and Services Tax (TGST), 13.4% from Green Tax, 5.9% from Airport Development Fee and another 5.9% from Airport Service Charge.
Moreover, the exclusive total of tax revenues in August 2021 stood at MVR1,108.3 million (MVR1.1 billion) and non-tax revenues stood at MVR165.4 million.