MIRA Revenue Hits MVR 3.41 Billion in July, Led by Income Tax

The Maldives Inland Revenue Authority (MIRA) collected MVR 3.41 billion in revenue in July 2026, including USD 108.36 million received in US dollars.

Total revenue collected during the month was 0.2 percent higher than in July 2025, but came in 3.6 percent below the forecast for July, according to MIRA’s Monthly Revenue Collection Report.

MIRA attributed the year-on-year increase partly to higher Bank Income Tax collections, as the first interim Income Tax payments for 2026 reported by commercial banks were higher than in the previous year.

Revenue from land acquisition and conversion fees also recorded strong growth during the month, exceeding collections in July 2025.

General Goods and Services Tax (GGST) collections increased significantly compared with the same month last year, largely due to payments being made on time in line with the quarterly GST deadline that fell in July.

Despite the year-on-year increase, overall revenue fell 3.6 percent short of MIRA’s forecast, mainly due to lower-than-expected collections from Corporate Income Tax, Non-resident Withholding Tax and Bank Income Tax.

MIRA said the original deadline for Income Tax payments coincided with a public holiday and was subsequently extended to August 2, 2026, contributing to lower collections recorded during July.

Bank Income Tax collections were also below forecast because some payments had been made in advance of the July deadline, reducing the amount received during the month.

Lower-than-forecast tourist arrivals also affected revenue performance. Tourist arrivals in June 2026 were 3.1 percent below the forecast, according to the report.

Income Tax remained the largest source of government revenue collected by MIRA in July, accounting for 48.6 percent of total revenue, or MVR 1.66 billion.

GST was the second-largest contributor, generating MVR 1.04 billion and accounting for 30.4 percent of total collections.

Green Tax contributed MVR 142 million, or 4.2 percent, while Airport Development Fee collections stood at MVR 136 million, accounting for 4.0 percent. Departure Tax generated MVR 134 million, or 3.9 percent, while land acquisition and conversion fees contributed MVR 81 million, equivalent to 2.4 percent of total revenue.

Of the USD 108.36 million collected in foreign currency, Tourism GST accounted for the largest share at 34.1 percent, or approximately USD 37 million.

Income Tax contributed 30.5 percent of dollar-denominated revenue, amounting to around USD 33 million.

Green Tax generated approximately USD 9 million, representing 8.6 percent of USD collections, while Airport Development Fee and Departure Tax each contributed around USD 9 million, accounting for 8.1 percent each.

Land acquisition and conversion fees contributed approximately USD 5 million, or 4.9 percent of total USD revenue collected during the month.