The Maldives Inland Revenue Authority (MIRA) has reported that the state has yet to recover USD500 million in both tax and non-tax revenue.
In the latest quarterly report, MIRA disclosed that state-owned enterprises (SOEs) and private enterprises owed USD300 million to the state in tax revenue as of September in the third quarter of this year. In addition, USD201 million in non-tax revenue remained unrecovered. The USD300 million in tax dues included USD54 million from Income tax, USD57 million from Tourism Goods and Services Tax (TGST), USD117 million from Goods and Services Tax (GST), and USD51 million from other taxes. Meanwhile, the USD201 million in non-tax dues included USD188 million in Tourism Land Rent and USD11 million in other non-taxes.
The report also highlights that MIRA forgave fines in 1,117 cases during the third quarter of this year, amounting to a total of USD1.8 million. A significant sum of money is still outstanding in the form of taxes and penalties, despite the fines being granted relief. Notably, MIRA successfully recovered over USD15 million in revenue owed to the state by various entities during the third quarter of this year.