There was a 4.8 percent drop in state revenue in May 2024 compared to the same period last year, data by the Maldives Inland Revenue Authority (MIRA) has revealed.
While MIRA collections in May 2023 stood at MVR 1.74 billion, collections in the same period this year stood at MVR 1.66 billion.
The decline in revenue was attributed to lower corporate income tax, GST and airport tax payments. The higher revenue in 2023 was attributed to income tax payments made prior to deadlines, MIRA reported.
Another reason for the decline in revenue this year was attributed to non-payment of GST by some taxpayers by the May deadline. Meanwhile fewer passengers passed through the airports in 2024 when compared to the same period last year, which also contributed to the decline, the state’s chief collections authority said.
Revenue in May was, however, 0.8 percent higher than expected, MIRA said.