MIRA's dollar revenue drops 24% in October

The Maldives Inland Revenue Authority (MIRA) recorded a 24 percent decline in foreign currency revenue in October compared to the previous month.

According to MIRA's latest revenue statistics, the authority collected USD 96.2 million in foreign currency during October. This marks a decrease from the USD 126.8 million collected in September.

Despite the monthly decline, October's figure represents an increase compared to the same period last year. MIRA reported collecting USD 85.9 million in foreign currency in October 2025, meaning foreign currency revenue rose by about 12 percent year-on-year.

The authority's figures also show that total state revenue and grants collected during October reached MVR 2.28 billion. This represents a 12 percent increase compared to the corresponding month last year and exceeded MIRA's forecast for the month by 14 percent.

According to MIRA, the increase in overall revenue was driven mainly by higher collections from Tourism Goods and Services Tax (TGST) and General Goods and Services Tax (GGST) compared to the previous year. The authority also attributed the rise to increased receipts from airport taxes as well as higher collections of corporate income tax and tourism land rent dues.