MIRA Revenue Falls in September Despite Higher Tax Receipts

Revenue collected by the Maldives Inland Revenue Authority (MIRA) fell in September, largely because a substantial one-off payment received a year earlier was not repeated. Tax receipts nevertheless increased, while stronger-than-expected tourism activity and the recovery of outstanding payments helped collections exceed forecasts.

MIRA collected MVR 2.69 billion during September 2026, down 10.7 per cent from the same month last year. The total includes USD 126.81 million received in foreign currency, expressed in rufiyaa as part of the overall figure.

The main explanation for the annual decline was a sharp reduction in lease period extension fees. These brought in approximately MVR 508 million in September 2025, when MIRA received a significant one-off payment, compared with less than MVR 6 million this September.

That difference alone was larger than the overall fall in monthly revenue. Higher receipts elsewhere therefore absorbed part of the shortfall, illustrating how a large, irregular payment can affect comparisons between individual months.

Tax revenue rose by approximately 7 per cent to MVR 1.86 billion. Tourism Goods and Services Tax (TGST) and income tax both increased, helping offset lower General Sector GST collections.

General Sector GST, which applies to goods and services outside the tourism sector, fell to MVR 466 million from MVR 500 million a year earlier. MIRA attributed the decline to lower collections of outstanding dues. This matters because monthly receipts reflect both current tax payments and money owed from earlier periods, so a fall in collections does not necessarily indicate an equivalent decline in business activity.

Tourism remained a major source of revenue. TGST generated MVR 792 million, while tourism land rent contributed MVR 424 million. Together, the two accounted for roughly 45 per cent of September’s collections, before including Green Tax and airport-related charges.

Tourism also helped explain why receipts exceeded expectations. MIRA reported that tourist arrivals in August were 18 per cent higher than projected, contributing to stronger TGST collections in September. Tourism land rent receipts also benefited from the recovery of overdue payments and payments made by the September deadline.

Collections from the revenue categories covered by MIRA’s forecast were 12.7 per cent above projections. September therefore produced a mixed result: revenue was lower than a year earlier, but higher than anticipated for the month.

Payment recovery was another important contributor. MIRA reported MVR 623 million in enforced collections through payment demands, instalment plans, dues clearance, reminders and its bank account freezing policy. These collections included amounts owed from past deadlines.

Recovering outstanding dues brings money into the public accounts, but it also means monthly revenue cannot be read simply as a measure of economic activity during that month. Payment timing and collection efforts can materially influence the result.

The broader trend remained positive. MIRA collected MVR 27.82 billion during the first nine months of 2026, approximately 8.9 per cent more than in the corresponding period last year. Growth in tax receipts accounted for the increase, while non-tax revenue was slightly lower.

September’s decline consequently sits within a year of higher cumulative collections. The report shows stronger tax receipts alongside continued dependence on tourism and fluctuations caused by one-off fees and the timing of outstanding payments.