MIRA Collects MVR 1.33 Billion in Revenue for March 2021

Maldives Inland Monetary Authority (MIRA) has revealed that the authority collected a total of MVR 1.33 billion during the month of March 2021, inclusive of USD collection.

Of the total, US dollar revenue collection accounts for USD 63.73 million.

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The total revenue collection in March 2021 was an increment of 19.2 percent compared to March 2020. Furthermore, the March 2021 revenue increased by 28.4 percent compared to the projection for the period.

The main reason for the increment in revenue collection compared to the same period last year is due to the increment in collection of Tourism Land Rent and TGST. In March 2020, Tourism Land Rent was deferred to mid-2021 by the Tourism Ministry, as resorts were closing down due to the COVID-19 induced lockdown and border closure. Additionally, increment in taxable sales reported by the resort sector is higher, which led to higher TGST revenue during March 2021.

According to MIRA, the bulk of total revenue during the period was generated from GST. Tourism Land Rent is the second highest revenue source, followed by Green Tax and Income Tax.

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