MIRA Reports MVR 7.8 Billion Shortfall in Gov’t Revenue

The Maldives Inland Revenue Authority (MIRA) has announced a significant shortfall in government revenue, citing MVR 7.8 billion in outstanding tax and non-tax payments. 

According to MIRA’s financial report for the final quarter of the previous year, MVR 4.8 billion of the outstanding sum is owed in tax revenue by government-owned companies and private businesses. Additionally, there is a further MVR 2.9 billion in non-tax revenue that has not been received.

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A breakdown of the unpaid taxes reveals MVR 790 million owed in Income Tax, MVR 1.1 billion in Tourism Goods and Services Tax (TGST), MVR 2.2 billion in General Goods and Services Tax (GST), and MVR 771 million in other taxes. Outstanding non-tax revenue includes MVR 2.8 billion in resort rents and MVR 165 million in other non-tax income.

MIRA also reports that MVR 1.4 billion is owed to the state by government-owned companies, comprising MVR 1.3 billion in unpaid taxes and MVR 109 million in non-tax income. During the fourth quarter, MIRA waived fines totalling MVR 36.7 million across 2,290 cases. Despite this substantial shortfall, the IRA collected MVR 803.9 million in revenue during the last quarter. The Authority continues to take measures to address the issue of unpaid taxes and penalties, including making information about tax evaders public and pursuing legal action in certain cases.