According to statistics released by the Maldives Inland Revenue Authority (MIRA), the agency collected a total revenue of MVR 4.45 billion last month. This figure represents a 33.1% increase compared to the same period last year. However, MIRA noted that this collection is 4.9% lower than the initial projections for the month.
MIRA attributed the year-on-year growth primarily to an increase in Bank Income Tax and fees generated from land sales and transfers. Additionally, a rise in General Goods and Services Tax (GGST) from the tourism sector significantly contributed to this growth. This upward trend in tourism-related revenue is linked to a 7.4% increase in tourist arrivals in December 2024 compared to the same period in 2023. Furthermore, the surge in Bank Income Tax was bolstered by the deadline for the submission of the second interim tax return and payment for 2025 falling within this period.
Conversely, the reason the actual revenue fell short of the forecasted amount was due to lower-than-expected collections from Corporate Income Tax, Tourism GST (TGST), and Departure Tax. MIRA further detailed that 7.6% of last month’s total revenue consisted of payments made for previous deadlines, while 25.9% was recovered through various enforcement and debt collection measures.
MIRA reported that a total of MVR 531.68 million was recovered through these debt collection efforts. This includes MVR 305.84 million collected following the issuance of formal notices and MVR 51.08 million through the dues clearance process. Additionally, MVR 7.92 million was recovered by freezing the bank accounts of non-compliant taxpayers, MVR 95.94 million via telephonic payment reminders, and MVR 70.91 million through established installment agreements.
The largest contribution to the monthly revenue came from GST, accounting for 40.4% (MVR 1.79 billion). Income Tax followed as the second-largest source, contributing 34.7% (MVR 1.54 billion). Other significant revenue streams included MVR 271.44 million from land sales and transfer fees, MVR 221.80 million from Green Tax, MVR 188.85 million from Airport Development Fee, and MVR 180.79 million from Departure Tax. MIRA confirmed that the total revenue collected last month also included USD 180.42 million.
