In July, the Maldives Inland Revenue Authority (MIRA) collected MVR 3.41 billion in revenue, marking an increase compared to the same period last year. However, this figure is 3.6% lower than the initially projected revenue. The primary drivers for the overall revenue growth include higher collections from Bank Income Tax, General Goods and Services Tax (GST), and land sale fees. The shortfall relative to the forecast was attributed to the income tax deadline coinciding with a public holiday, leading to a payment extension, as well as a 3.1% decline in tourist arrivals.
Furthermore, MIRA’s enforcement and recovery efforts successfully secured MVR 449 million in outstanding payments through legal notices and installment arrangements. Income Tax accounted for the largest portion of the total revenue, contributing MVR 1.66 billion, followed by GST at MVR 1.04 billion. The total revenue also includes USD 108.36 million, representing a 1.3% increase in dollar-denominated collections compared to the previous year.
