Government Revenue in 2020: MVR3.24 Billion

Wednesday 11th of March 2020

Government Revenue in 2020: MVR3.24 Billion

The Maldives government collects a revenue of MVR 1.81 billion for the first month of 2020 and MVR 1.43 billion in February. According to Maldives Inland Revenue Authority (MIRA), January has a 14.7% reduction compared to 2019, but February earns a 12.3% increase.

The cause of reduction resulted from an overall decline in tax revenues. One-off payment towards Lease Period Extension Fee was received in January 2019, which led to the comparative decrement in revenue.

In February, revenue increased due to the higher collection of Second Interim Payment of BPT, as the deadline was extended to February 2020 and high Airport Development Fee and Airport Service Charge, due to increase in departure in January 2020.

While GST and Business Profit Tax remain the main contributors to government revenue, Green Tax and Airport Fees generate a large US$ revenue.