MIRA collects MVR 10.5 billion as revenue in 2020

The statistics published by MIRA show that during the year 2020 MIRA collected total of MVR 10.5 billion. Collection of 2020 has resulted in a decrease of 37.7% compared to 2019.

The top revenue contributor for the year 2020 was GST with 41.1% share of the total revenue or MVR 4.31 billion. The second largest contributor was Income Tax at 18.0% share of total revenue or MVR 1.8 billion. Other significant contributors include BPT (MVR 1.77 billion or 16.9%), Tourism Land Rent (MVR 702.78 million or 6.7%) and Green Tax (MVR 351.95 million or 3.4%). The revenue collected in the year 2020 includes collection of USD 296.84 million.

The total revenue collected in the month of December 2020 is MVR 1.04 billion. This collection shows a decrease of 34.1% compared to December 2019. The main reason behind the decrease in collection is due to the impact of the Covid-19 pandemic. The decrease in tourist arrivals, resulting in decline in economic activity and tax collection from tourism sector, led to the decline in collection of major taxes such as GST and Green Tax. Additionally, Tourism Land Rent deadlines were extended, contributing to the lower collection than the corresponding period. 

The greatest share of revenue collected for December 2020 is attributed to GST with MVR 404.66 million or 39.0%. The second largest contributor was Tourism Land Rent (MVR 311.80 million or 30.1%). Other significant contributors include BPT (MVR 138.75 million or 13.4%), Income Tax (MVR 50.19 million or 4.8%), Resident Permit (MVR 26.19 million or 2.5%) and other taxes and fees (MVR 105.69 million or 10.2%).

The revenue collected in December 2020 includes collection in USD of USD 39.13 million.

 

10 Jan 21