MIRA reports lower US dollar revenue in February

According Maldives Inland Revenue Authority (MIRA) statistics, revenue collected in US dollars dropped in February compared to the month before in 2025.

The statistics for February showed MIRA collected USD 118 million in the previous month compared to USD 125.49 million in January.

MIRA reports collecting a total revenue of MVR 2.47 billion, which is a marginal 5.4 percent increment compared to the same period last year. February’s revenue is also a 5.1 percent improvement over the initial projections.

Revenues for the month increased primarily due to the collection of Lease Period Extension Fee and the increment in collection of Corporate Income Tax. Initial deadline for Corporate Income Tax coincided with a public holiday, leading to an extension of deadline to February 2^nd, which contributed to the increment in collections.

Moreover, tourist arrivals in January 2025 increased by 11.7 percent compared to the same month last year, which led to an increase in collection of Green Tax and Airport Taxes and Fees carried forward to the review month.

GST held the highest revenue share with 49.8 percent or MVR 1.23 billion in collections for the review month. Income Tax was the second strongest revenue stream for the month with a share of 16.3 percent, or MVR 401.4 million.

Other top contributors included Lease Period Extension Fee, with a share of 12.4 percent or a collection of MVR 307.2 million. Green Tax was the fourth strongest revenue stream with a share of 6.1 percent, or MVR 149.7 million in collection. Fifth highest revenue stream to state in February was Departure Tax with a collection of MVR 102.4 million.

As part of state’s measures to boost revenues, the government last year increased Green Tax rate from USD 6 to 12 per head on larger guesthouse categories and from USD 3 to 6 per head on smaller guesthouses.