Government revenue has dropped as low as 59.6 percent this month compared to that of last year reports Maldives Inland Revenue Authority (MIRA) .
According to reports released by the Maldivian tax authority only a total of MVR 527.47 million has been collected as revenue in April in contrast to the MVR 1.31 billion which was collected last year.
The significant drop is being attributed as consequences of the current on going pandemic. With country’s borders being closed, no tourism activity and the extension of tax deadlines are attributed as major factors.
Goods and Services Tax (GST) is the biggest contributor followed by Tourism Land Rent and Business Profit Tax (BPT).
The economic damage of the Covid-19 is reported to be massive, and various efforts are being made by governments across the world to reduce the strain on businesses and the people.