State revenue decreases 20.3% compared to projections

The state revenue has decreased by 20.3% compared to the projected amount for March 2020.

The statistics of the Maldives Inland Revenue Authority (MIRA) revealed USD 72 million was collected in March 2020, which is a decrease of 26.9% compared to the same month of 2019. The amount is also a decrease of 20.3% than the projected amount for March 2020. MIRA attributed the decrease to the deadline extensions for tax and tourism land rent for the second quarter and the decline in tourist arrivals by 11.1% compared to February 2020.

As per statistics, the largest contribution to the state revenue was made from Goods and Services Tax (GST), which was 57.3% of the total amount. The second-largest contribution was from tourism land rent.