MIRA's Dollar Revenue Falls 24 Percent in October

The Maldives Inland Revenue Authority (MIRA) received USD 96.2 million in dollar revenue last month, a 24 percent decline from the USD 126.8 million collected in September, according to MIRA statistics. Despite the monthly drop, October's dollar revenue was about 12 percent higher than the USD 85.9 million received in October last year. Total state revenue last month reached MVR 2.28 billion, approximately 12 percent higher than the same period last year and 14 percent above MIRA's forecast for the month. MIRA attributed the year-on-year increase to higher receipts from TGST and GGST, a rise in airport tax collections, and a large increase in dues collected on corporate income tax and tourism land rent, including a significant increase in 20-year collections. The authority noted that the Maldives relies heavily on imports, and that a dollar shortage would push up the price of goods. It also said the country's rising debt and fluctuations in the international market caused by the war in the Middle East are having an unavoidable impact on the Maldivian economy.