Business Tax

MIRA Collects Revenue of MVR 10.5 Billion for 2020

Maldives Inland Revenue Authority (MIRA) has collected MVR 10.5 billion as revenue for last year from January to December 2020. This is 37.7% lower than the amount collected in the year 2019.

The majority of the revenue collected in 2020 comprises of GST contributed, with 41.1% (MVR 4.31 Billion) of the total revenue. It is followed by Income Tax at 18.0% (MVR 1.89 Billion). The third main contribution is BPT, at 16.9% (MVR 1.77 billion).

Tourism land rent comes fourth at 6.7% (MVR 702.78 million) followed by Green Tax at 3.4% (MVR 351.95 million).

Moreover, the revenue collected by MIRA in 2020 contained USD 296.84.

Additionally, MIRA states total revenue collected in the month of December 2020 is MVR 1.04 billion.  This is 34.1% fewer than the revenue collected in 2019.

MIRA cites the COVID-19 pandemic issue as the reason for the significant decrease in collected revenues in comparison with the two years. Specifically, MIRA cites closing borders due to the pandemic had halted tourists from visiting the country, hence causing inactivity in the Tourism industry.

As a result, revenue collected from Green Tax and GST has significantly decreased. MIRA also mentions that in December 2019, lease period extension fee revenue had bumped up the total income while the fee for December 2020 has not been received.

The majority of the revenue collected in December 2020 comprises of GST contributed, with 39.0% (MVR 404.66 million) of the total revenue. It is followed by Tourism land rent at 30.1% (MVR 311.80 million). The third main contribution is BPT, at 13.4% (MVR 138.75 million).

The total amount of American dollars collected in December 2020 adds up to USD 39.13.

Full details are available at the link below:

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