MIRA Reports 33% Rise in January Revenue Amid Tourism and Bank Tax Gains

The Maldives Inland Revenue Authority (MIRA) collected MVR 4.45 billion in January 2026, including USD 180.42 million in foreign currency revenue, marking a 33.1 percent increase compared to the same period last year.

The rise was driven by higher collections from Bank Profit Tax, land acquisition and conversion fees, and Tourism Sector GST. Tourist arrivals in December 2025 increased by 7.4 percent compared to December 2024, boosting receipts from Tourism Goods and Services Tax, Green Tax, and airport taxes and fees. The interim income tax payment deadline during the month also contributed to stronger Bank Profit Tax collections.

Despite the year-on-year growth, collections fell 4.9 percent short of the forecast. Lower-than-expected payments from Corporate Income Tax, Tourism Sector GST, and Departure Tax were cited as the main factors. MIRA also highlighted that 7.6 percent of the month’s revenue came from past-due payments, while 25.9 percent was secured through targeted recovery initiatives.

Enforced collection efforts brought in MVR 532 million, including MVR 306 million from reminder notices, MVR 96 million from calls and emails, MVR 51 million through dues clearance initiatives, MVR 8 million from account freezing policies, and MVR 71 million via installment plans.

Adjustments and cash refunds for advance tax payments were made during the month, with overpaid amounts returned to taxpayers where applicable. These amounts were already reflected in the net collection figures.

MIRA’s January report highlights the continued contribution of tourism and banking taxes to national revenue, while also highlighting the role of active recovery measures in securing collections from overdue payments.