48 Percent Drop in Tax Revenue Projected by MIRA

A 48 percent in drop in tax revenue for the year has been forecasted by Maldives Inland Revenue Authority (MIRA).

In a press briefing held at National Emergency Operations Center (NEOC), Commissioner General of Taxation Mr. Fathuhullah Jameel reported the projection; one of five possible scenarios devised by the the authority for the potential effects of the global pandemic on the tax revenue.

The new projection is of MVR 8.95 billion, a significant drop from the previously estimated MVR 17.5 billion projected earlier during the creation of the annual budget.

The repercussions of the virus on has been extremely severe for the country’s economy highly dependent on tourism, which the bulk of the revenue is from.