As the Maldives witnesses renewed growth in its tourism industry, the country recorded an 82 percent growth in its dollar earnings in November in comparison to the last month, Sun news reported. 

Data released by the Maldives Inland Revenue Authority (MIRA) shows the country received a direct dollar income of around $11.26 million in October while the amount was just $4.68 million in October. 

Tourism Goods and Service Tax (TGST) contributed most, around 75.4 percent, of the total direct dollar earning while the Green Tax accounted for $1 million, around 10 percent of total dollar earnings. 
 
While the total tax collection MIRA declined by 59.9 percent in November month as compared to the same period in the last year. MIRA received around $29.74 in November month, including $11.26 million direct revenue in US dollars. 

The month-wise year on year reduction is a result of the slowdown in the tourism industry which has been hit hard by the global pandemic. Though the industry records a steady growth, it will take a long time to reach to the pre-covid level.

The Maldives economy depends on tourism and the sector is the main source of foreign currency. Given the slowdown in the economy, the Fitch Ratings had downgraded the country’s rating to CCC from earlier B just a month back.