MIRA Revenue Surges 14.7% Above Forecast Driven by Tourism and Banking Growth

The Maldives Inland Revenue Authority (MIRA) reported a significant revenue boost in June, collecting USD 124.51 million. This figure exceeds monthly projections by 14.7% and marks a 10.1% increase compared to the same period last year. This stronger-than-expected performance was primarily fueled by a surge in tax receipts from the tourism and banking sectors. MIRA attributed the growth to higher collections from the Goods and Services Tax (GST), Bank Income Tax, Green Tax, and the Airport Development Fee. The increase aligns with a 1.77% rise in tourist arrivals during May, which directly boosted tourism-related tax yields. Tourism Goods and Services Tax (TGST) remained the dominant revenue stream, contributing USD 70.04 million, or 37.2% of the total. Income Tax followed as the second-largest source, generating USD 51.82 million. Additional revenue was bolstered by resort lease extensions, land sale and transfer fees, and Corporate Social Responsibility (CSR) payments. Bank Income Tax showed notable growth as entities settled 2025 obligations and made advance payments. The authority also highlighted the success of its recovery operations, with 23.4% of the month's revenue stemming from outstanding dues. MIRA recovered USD 30.16 million through aggressive enforcement, including formal notices, installment agreements, and the freezing of bank accounts. Other significant contributions included USD 26.65 million in resort rent, USD 10.18 million from the Green Tax, and combined contributions of over USD 17 million from the Airport Development Fee and Departure Tax. Of the total revenue collected in June, USD 118.60 million was received in foreign currency, reflecting the international nature of the Maldives' primary economic drivers.