The Maldives recorded a strong increase in government revenue collections at the start of 2026, reflecting sustained economic activity and continued momentum in the country’s tourism-driven economy, although overall collections remained slightly below initial projections. According to figures released by the Maldives Inland Revenue Authority (MIRA), total revenue collected in January 2026 reached MVR 4.45 billion, including revenue collected in United States dollars, alongside USD revenue collections amounting to USD 180.42 million.
The authority reported that January’s performance represented a notable 33.1 percent increase compared with the same period in 2025. The growth was primarily supported by stronger collections from Bank Profit Tax, land acquisition and conversion fees, and Tourism Goods and Services Tax (TGST). MIRA highlighted that increased tourist arrivals recorded in December 2025 played an important role in strengthening revenue streams linked to the tourism industry, contributing to higher proceeds from TGST, Green Tax, and airport-related taxes and fees. In addition, the timing of an interim income tax payment deadline during the reporting period contributed to elevated Bank Profit Tax collections, further strengthening monthly revenue performance.
Despite the strong year-on-year growth, total collections were recorded at 4.9 percent below forecast levels. MIRA attributed this variance mainly to lower-than-expected collections from Corporate Income Tax, Tourism Sector GST, and Departure Tax during the month. The authority noted that revenue performance also reflected ongoing administrative efforts, with 7.6 percent of January’s collections derived from payments related to previous deadlines, while an additional 25.9 percent was secured through targeted initiatives aimed at recovering outstanding dues. These efforts demonstrate the continued importance of compliance monitoring and enforcement mechanisms in maintaining steady government revenue flows.
The composition of January’s revenue continued to show a significant reliance on a limited number of major tax streams. Goods and Services Tax accounted for the largest share at 40.4 percent of total revenue, equivalent to MVR 1,793 million. Income Tax followed closely, contributing 34.7 percent or MVR 1,541 million. Land acquisition and conversion fees generated 6.1 percent of total collections, amounting to MVR 271 million, while Green Tax contributed 5.0 percent or MVR 222 million. Airport Development Fee collections stood at MVR 189 million, representing 4.3 percent of revenue, while Departure Tax generated MVR 181 million, accounting for 4.1 percent.
Within USD-denominated revenue collections, Tourism GST represented the largest component, contributing 44.3 percent of USD revenue, equivalent to MVR 80 million. Income Tax followed at 20.9 percent or MVR 38 million. Land acquisition and conversion fees accounted for 9.8 percent, generating MVR 18 million, while Green Tax contributed 8.0 percent or MVR 14 million. Airport Development Fee and Departure Tax collections contributed 6.8 percent and 6.5 percent respectively, each generating approximately MVR 12 million.
A longer-term comparison presented by MIRA illustrates how revenue collections have evolved in recent years alongside the recovery and expansion of the Maldivian economy. January revenue stood at MVR 2,378.2 million in 2022, increasing to MVR 3,402.2 million in 2023 and MVR 3,615.0 million in 2024, before moderating slightly to MVR 3,337.7 million in 2025. The January 2026 total of MVR 4,440.2 million marks the highest January collection recorded during the five-year period, indicating a stronger fiscal opening compared with previous years and reflecting continued economic resilience supported largely by tourism activity.
The report also underscored the continued effectiveness of enforcement and arrears recovery measures in supporting monthly revenue outcomes. Enforced collections reached MVR 532 million in January, including MVR 306 million recovered through reminder notices and MVR 96 million through reminder calls and emails. Installment payment arrangements generated MVR 71 million, dues clearance initiatives contributed MVR 51 million, and account freezing policies accounted for MVR 8 million in recovered revenue. Together, these measures highlight ongoing efforts to strengthen compliance while ensuring stable revenue collection to support national development priorities.
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