Maldives Inland Revenue Authority (MIRA) receives MVR 843.04 million as tax revenue for the month of September 2020. According to MIRA, this is 30.9% lower compared to the same time period in September 2019. The decrease in income is associated with the recession brought about by the COVID-19 pandemic.
The majority of the taxes received in September was recorded to have been from the newly implemented Income tax, with MVR385.57 million received by MIRA. GST accounted for 25.8% of the income received in September with MVR 217.16 million while BPT raked in MVR 150.13 million at 17.8% of the total revenue.
In addition to this, USD 6.74 million was received by MIRA as taxes, bringing the total revenue to the stat from taxes in September to the equivalent of MVR 1.03 billion. The Maldivian economy has been recessing for some time with the COVID-19 pandemic wreaking havoc on the tourism dependent economy. According to the world bank, Maldives will be one of the financially worst hit countries in the world due to COVID-19.