State revenue in March exceeded earlier projections despite initial concerns over the impact of tensions in the Middle East, latest figures show.

Statistics released by the Maldives Inland Revenue Authority (MIRA) indicate that the Government recorded total revenue of MVR 4.03 billion in March. This represents a 17 per cent increase compared to the same period last year.

MIRA attributed the rise in revenue to higher collections from Tourism Goods and Services Tax (TGST), Corporate Income Tax, and Green Tax. Increased tourist arrivals in February, which rose by 18.8 per cent compared to the same month in 2025, also contributed to stronger collections from TGST, Green Tax, as well as airport-related taxes and fees.

Revenue for March also exceeded initial forecasts by 26.8 per cent. MIRA noted that stronger-than-expected collections from GST, TGST, and Green Tax were key factors behind the higher-than-projected figures.

A significant portion of the revenue collected in March came from outstanding payments. 31.4 per cent of total revenue consisted of overdue amounts from previous periods, while 7.6 per cent was recovered through enforcement efforts targeting unpaid dues.

In terms of composition, MIRA collected MVR 741 million in MVR as tax revenue, along with USD 157 million in foreign currency, bringing total tax revenue to MVR 3.2 billion.

Non-tax revenue amounted to MVR 138.7 million in Maldivian Rufiyaa and USD 47.7 million in foreign currency, totalling MVR 872.3 million.

Overall, combining tax and non-tax income, MIRA recorded total revenue of MVR 879.6 million in MVR and USD 205.1 million in USD, resulting in a total of MVR 4.03 billion for the month of March.