Government Revenue Falls by 26.9%

Tuesday 14th of April 2020

Government Revenue Falls by 26.9%

Maldives Inland revenue Authority reveals a 26.9% annual decrease government revenue in March 2020. The authority collected a total of MVR1.11 billion in revenue for the review month. The revenue collected is MVR852.6 million in tax revenues and the remaining MVR260.0 million in non-tax revenues.

According to MIRA, the reasons for decline are deadline extension of tax deadlines and tourism land rent for 2nd quarter of 2020 and decrease in Tourist arrivals by 11.1% in February 2020 compared to 2019. The revenue earned for the month of March was also 20.3% below initial projection for the month.

In the same month in 2019, tax revenues earned to state was at MVR983.0 million while non-tax revenue earned was at MVR539.9 million. GST (Goods and Services Tax) remained as the strongest contributor to government income, with 57% share of the total revenue while revenue from tourism land rent covered 12% of the total.