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State revenues in September 2021 hit MVR1.98bn; marks over 130% increase

Ribakova Elena
13 October 2021, MVT 15:08
Maldives Resorts
Ribakova Elena
13 October 2021, MVT 15:08

Maldives Inland Revenue Authority (MIRA) confirms that the state has collected a revenue of MVR1,981.6 million (MVR1.98 billion) in September 2021.

From the total revenue earned during the month, the state collected 63.45 million in US Dollars.

The revenue and taxation authority further notified in their latest monthly revenue report, that the state revenue collection in September observed an improvement of 133.5% in comparison with the corresponding month of 2020.

MIRA had also attested that the significant increment of revenue in the review month is mainly due to the increase in the collections of Income Tax, Tourism Land Rent, TGST, GGST, Green Tax and airport taxes and fees. As such, tourism land rent which had been deferred in the final quarter of 2020 received payments for it as scheduled, which coincided with the review month.

In addition to this, the deadline for the first interim return and payment of Income Tax was deferred in 2021 to September as well.

State revenue had also observed an increase of 8.6% from the initial projections for the month which is reflected from the growth in the collection of TGST, GGST, Income Tax, Green Tax and airport taxes and fees.

Income Tax contributed the most significantly during the review month with 37.6% of the total revenue earned from the source, GST with 27.9% of the share remained as the second strongest stream of revenue to the state.

Meanwhile, tourism land rent is the third strongest revenue stream to the state with 20.7% share from the total revenue.

Furthermore, the total tax revenues earned in September stood at MVR1,425.0 million and the total non-tax revenues stood at MVR556.6 million.

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