MIRA collects record MVR 11.70 billion in first quarter of 2026

The Maldives Inland Revenue Authority (MIRA) collected MVR 11.70 billion in the first quarter of 2026, the highest quarterly revenue on record and 22.4 percent more than the same period last year, according to the authority's Q1 2026 quarterly report.

The collection was 4.8 percent above MIRA's own projection for the quarter.

Tax revenues made up MVR 9.37 billion, or 80 percent of the total, rising 24.9 percent from the first quarter of 2025. Non-tax revenues accounted for the remaining MVR 2.34 billion, up 13.6 percent.

MIRA attributed much of the growth to tourism. Tourist arrivals during the taxable period, December 2025 to February 2026, rose 11.6 percent compared with the same quarter in 2025. Taxable bed nights subject to Green Tax increased 8.0 percent, and departures rose 7.5 percent.

Goods and Services Tax was the largest single contributor at MVR 5.66 billion, or 48.3 percent of total revenue. Income tax followed at MVR 2.34 billion, and Green Tax at MVR 734.53 million. The top five revenue lines together accounted for 85.3 percent of the quarter's collection.

The report said 71 percent of revenue, equivalent to USD 540.29 million, was received in US dollars. The remaining 29 percent, MVR 3.40 billion, was received in rufiyaa.

Not every revenue line met expectations. Corporate Income Tax came in 7.0 percent below projection, with MVR 49.91 million still outstanding from taxpayers for deadlines during the quarter. Departure Tax and the Airport Development Fee also fell short of projection, despite strong year-on-year growth, due to unpaid liabilities from the second half of 2025.

MIRA carried out 1,053 compliance visits during the quarter. It completed 23 audits, assessing an additional MVR 61.92 million in tax, and recovered MVR 2.09 billion through enforced collection.

Total arrears owed to MIRA stood at MVR 14.47 billion as of 31 March 2026, of which Tourism Land Rent accounted for MVR 5.97 billion.