Maldives Inland Revenue Authority (MIRA) has revealed the comparative monthly statistics for state revenue earned in October 2020 in a statement released to the media. According to the data provided, MIRA received a total of MVR 390.57 million in October 2020, a 57.9% lower amount than during the same period in 2019.
According to the statement by MIRA, the majority of the revenue earned by the state was from GST. Out of the MVR390.57 million earned in October, 63.3% was earned from GST, while income tax accounted for MVR 52.39 million. An additional MVR 20.32 million was earned from BPT while Resident Permits accounted for MVR 18.54 million with MVR 9.34 million earned from vehicles fees. All other taxes and fees was reported to have brought in MVR 42.56 million.
MIRA also revealed that $4.68 million was earned in revenue for the month of October 2020. The drastic drop in state revenue is being associated with the loss of income from taxes levied on the tourism sector due to travel restrictions implemented worldwide due to the COVID-19 pandemic.