The Maldives Inland Revenue Authority (MIRA) reported a significant increase in state revenue for July, with total collections reaching USD 219.85 million. The figure represents a 15.4 percent rise compared with the same period last year and exceeded government projections by 12.8 percent, buoyed by strong income tax receipts and a rebound in tourism.
The latest revenue total surpassed the USD 190.17 million collected in July 2024, according to official data. Authorities attributed the growth to higher corporate tax payments and increased tourist arrivals, which lifted returns from several levies tied to the sector.
Income tax accounted for nearly half of the monthly revenue, contributing USD 103.77 million. Of that amount, USD 67.49 million was collected from companies and other non-individual entities, while USD 28.58 million came from taxes on banking sector profits. Both corporate and commercial bank profit taxes are administered under the Income Tax Act, which took effect in 2020.
Foreign currency inflows also strengthened, according to MIRA, with dollar-denominated revenue rising to USD 105.85 million, up from USD 75.7 million a year earlier. The increase was closely linked to the tourism sector's continued recovery, which drove higher receipts from the Tourism Goods and Services Tax, Green Tax and airport fees. A notable rise in airport fee revenue followed the implementation of revised fee rates in December 2024, further contributing to the overall uptick.
Corporate tax receipts improved year-on-year, reinforcing the broader fiscal gains. Officials said the stronger-than-expected revenue reflected gains across key sectors and higher payments from corporate entities. In addition, 7.4 percent of July's revenue was recovered from previously uncollected amounts, indicating progress in enforcement and recovery efforts.
Tax revenue totalled USD 196.56 million for the month, compared with USD 162.14 million in July last year. Non-tax revenue rose modestly to USD 23.05 million, up from USD 22.46 million.