The Maldives Inland Revenue Authority (MIRA) reported a 28.8 percent decline in revenue over the last month.

The figures released by the state’s chief collection agency show that it received a total of MVR 2.05 billion last month, of which 76.57 million was received directly in US dollars.

While the revenue collected last month was 26.8 percent higher than over the same period last year, it was 28.8 percent lower than the forecast at the beginning of the year.

The decline in revenue was attributed to lower than expected collections in terms of corporate income tax, bank profit tax and tourism land rents, the report said.

Similar to the previous month, GST accounted for the bulk of revenue received with MVR748 million collected — 36.49 percent of total collections last month.

Income tax was the second highest with collections of MVR 629 million — 30.69 percent of total collections last month.

TGST contributed the most US dollar collections with US$27.3 million collected; translating to 35.7 percent of total US Dollar collections.

While revenue collected by MIRA in the first half of the year has crossed MVR 12.5 billion, it also marked an increase of around MVR 1.9 billion compared to the same period last year.