Business

A Record Fall in Monthly Revenue Collection by MIRA for April 2020

The total monthly revenue collection by Maldives Inland Revenue Authority (MIRA) for April 2020 inclusive of USD collection was recorded at MVR 527.47 million which is a 59.6% decline compared to April 2019.

Photo: MIRA

Due to COVID 19 Pandemic, preventive measures were initiated in the Maldives involving closure of the country’s border on 27th March 2020 and cancellation of on-arrival tourist visas led to negative impacts on businesses with major impacts to the tourism industry.

Photo: MIRA

Due to lockdown, all tax deadlines have been extended till MIRA re-opens while tourism land rent payments have also been postponed. The major impact was reflected in tax revenues where GST contribution in MVR to total revenue is at 44.7% while tourism land rent in MVR stands at 25.2%. In addition, tourism land rent accounts for 37.3% of total USD revenue collection while TGST contributes to 36.5% of revenue.

Photo: MIRA

Hence, the revenue collection from GST for has fallen to a huge extent compared to April 2019. The revenue from the tourism industry accounts for 73.8% of USD revenue collection and 25.2% of MVR revenue declined with the huge losses for the industry as the majority of the resorts closed due to the lack of tourists. Moreover, the total monthly revenue collection of April 2020 reflects a minor decline in non-tax revenues.

Full details are available at the link below:

Source URL: Corporate Maldives

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