Govt revenue drops by 39 percent in June

Government revenue plummeted by 39 percent for the month of June, disclosed Maldives Inland Revenue Authority (MIRA).

According to MIRA, the revenue dropped due to extending the deadlines of Goods and Services Tax (GST), Business Profit Tax (BPT) and Green Tax to this month as government offices were closed during the Eid al-Fitr holidays.

Statistics indicate that the government revenue for last month was 43.3 percent lower than the projected amount. While the deadlines for GST, BPT and Green Tax were extended to July, MIRA collected the Airport Development Charge last month. Statistics show that MIRA raked in MVR 41.9 million as Green Tax in the first month itself.

The government revenue recorded last month was MVR 906.3 million.

MIRA’s statistics show that the highest revenue was brought in by GST with MVR 238 million, which is a 26 percent drop from the previous year. The second highest revenue was raked via land leases for tourism development with MVR 193.9 million.

The government revenue for the first half of this year is at MVR 7.8 billion while 2016 recorded MVR 7.9 billion for the same period.