MIRA Reports Decline in US Dollar Revenue Despite Overall Growth in Collections

The Maldives Inland Revenue Authority (MIRA) has reported a decline in US dollar revenue for February 2025 compared to the previous month, despite an overall increase in total revenue collections. According to the latest statistics, MIRA collected USD 118 million in February, marking a drop from the USD 125.49 million recorded in January.
However, despite this decrease in US dollar revenue, total collections for the month stood at MVR 2.47 billion, reflecting a 5.4 percent increase compared to the same period in 2024. February’s revenue also surpassed initial projections by 5.1 percent, driven primarily by strong contributions from Lease Period Extension Fees and Corporate Income Tax. The extension of the Corporate Income Tax payment deadline to February 2nd, due to a public holiday, played a key role in boosting collections for the month.
The surge in tourist arrivals in January 2025, which saw an 11.7 percent increase compared to the previous year, also had a significant impact on revenue generation. The rise in visitor numbers contributed to higher collections from Green Tax and 6Airport Taxes and Fees, which were carried forward into February’s revenue report.
Goods and Services Tax (GST) remained the dominant source of revenue, accounting for 49.8 percent of total collections at MVR 1.23 billion. Income Tax followed as the second-highest contributor, making up 16.3 percent of the total revenue with collections amounting to MVR 401.4 million. Lease Period Extension Fees represented 12.4 percent of total revenue at MVR 307.2 million, while Green Tax accounted for 6.1 percent with collections reaching MVR 149.7 million. Departure Tax rounded out the top five revenue streams, generating MVR 102.4 million in February.
In an effort to strengthen revenue generation, the government had previously revised the Green Tax rates, doubling the tax from USD 6 to 12 per person for larger guesthouses and from USD 3 to 6 per person for smaller guesthouses. This policy shift has contributed to the steady increase in Green Tax collections.
While US dollar revenue saw a slight decline, the overall revenue performance for February indicates a positive trajectory for the state’s fiscal outlook, with key tax policies and economic factors driving sustained growth in government collections.