The Maldives Inland Revenue Authority (MIRA) collected MVR 1.6 billion in income tax in July, contributing to a total government revenue of MVR 3.39 billion for the month. 

The figure shows a 15.4 per cent increase compared to the MVR 2.93 billion collected in July last year and surpasses this year’s forecast by 12.8 per cent.

Dollar revenue made up the bulk of July’s income, standing at USD 105.85 million, up from USD 75.7 million during the same period in 2024. Income tax was the largest single contributor to total revenue, accounting for 49 per cent of collections. Of this, MVR 1.04 billion came from taxes paid by entities other than companies and the public, while MVR 440.7 million was generated from bank business profit taxes.

MIRA attributed the year-on-year increase to stronger tourism sector performance, with higher T-GST, green tax, and airport fee collections. The surge in airport fees followed a rate hike introduced in December last year. Corporate income tax collections also rose compared to 2024.

Tax revenue in July reached MVR 3.03 billion, up from MVR 2.5 billion a year earlier, while non-tax revenue totaled MVR 355.1 million, compared to MVR 346.3 million last year. MIRA noted that 7.4 per cent of last month’s revenue came from previously uncollected funds.