Tax revenue collections rose sharply year on year in January, but still fell short of what had been projected, highlighting how month-to-month gains can mask gaps against budget expectations. The Maldives Inland Revenue Authority (MIRA) reported total revenue of MVR 4.45 billion for January 2026, inclusive of USD collections, alongside USD revenue collection of USD 180.42 million.
MIRA said January’s total represented a 33.1% increase compared with January 2025, attributing the rise mainly to stronger collections from Bank Profit Tax, land acquisition and conversion fees, and tourism sector GST. The authority also linked the performance to higher tourist arrivals in December 2025, which it said increased proceeds from Tourism GST, Green Tax, and airport-related taxes and fees. It further noted that an interim payment deadline for income tax fell within the period, contributing to higher Bank Profit Tax collections.
Despite the year-on-year growth, revenue was 4.9% lower than forecast. MIRA attributed the shortfall to lower collections from Corporate Income Tax, Tourism Sector GST, and Departure Tax. It also reported that 7.6% of monthly revenue came from payments related to past deadlines, while a further 25.9% was secured through targeted initiatives aimed at recovering outstanding dues.
The month’s revenue mix remained heavily concentrated in a few streams. GST accounted for 40.4% of total revenue, equivalent to MVR 1,793 million, followed by Income Tax at 34.7% or MVR 1,541 million. Land acquisition and conversion fees contributed 6.1% (MVR 271 million), while Green Tax accounted for 5.0% (MVR 222 million). Airport Development Fee and Departure Tax contributed 4.3% (MVR 189 million) and 4.1% (MVR 181 million), respectively.
For USD revenue, Tourism GST made up the largest share at 44.3% (MVR 80 million), followed by Income Tax at 20.9% (MVR 38 million). Land acquisition and conversion fees contributed 9.8% (MVR 18 million), Green Tax 8.0% (MVR 14 million), and both Airport Development Fee and Departure Tax contributed 6.8% and 6.5% (MVR 12 million each).
MIRA’s longer-term comparison shows January collections have fluctuated over the past five years. Total revenue was MVR 2,378.2 million in January 2022, rising to MVR 3,402.2 million in January 2023 and MVR 3,615.0 million in January 2024, before easing to MVR 3,337.7 million in January 2025. January 2026 marked the highest total in that period at MVR 4,440.2 million, reflecting a stronger start relative to recent years.
The report also points to a continued role for enforcement and arrears recovery in monthly performance. Enforced collections totalled MVR 532 million in January, including MVR 306 million through reminder notices and MVR 96 million through reminder calls and emails. Installment plans accounted for MVR 71 million, dues clearance for MVR 51 million, and account freezing policies for MVR 8 million.
