The total monthly revenue collection by Maldives Inland Revenue Authority (MIRA) for April 2020 inclusive of USD collection was recorded at MVR 527.47 million which is a 59.6% decline compared to April 2019.
Due to COVID 19 Pandemic, preventive measures were initiated in the Maldives involving the closure of the country’s border on 27th March 2020, cancellation of on-arrival tourist visas followed by lockdown impacted the businesses with major impacts to the tourism industry.
Due to lockdown, all tax deadlines have been extended till MIRA re-opens while tourism land rent payments were also postponed. The major impact was reflected in tax revenues where GST contribution to total revenue is at 44.7% while tourism land rent stands at 25.2%.
Hence, the revenue collection from taxation has fallen to a huge extent compared to April 2019. The revenue from the tourism industry with tourism land rent and TGST accounts for 73.8% of USD revenue which declined with the huge losses for the industry as majority of the resorts closed due to the lack of tourists. Moreover, the total monthly revenue collection of April 2020 reflects a minor decline in non-tax revenues.