Income tax revenue in the Maldives has exceeded USD 151 million in the first three months of the year, according to statistics released by the Maldives Inland Revenue Authority (MIRA).
This represents a 31 per cent increase compared to the USD 115 million collected during the same period in 2025.
The largest share of income tax was collected from companies and other non-individual entities, amounting to USD 76.24 million. This reflects a modest increase of 1.5 per cent from the USD 75.08 million recorded last year.
Non-resident withholding tax generated USD 33.61 million in the first quarter, marking a significant rise of 57.8 per cent compared to approximately USD 21.29 million in the previous year.
Revenue from individual income tax reached USD 9.7 million, an 11.8 per cent increase from USD 8.68 million collected in 2025.
Banks also contributed substantially, with USD 31.71 million collected from the sector. This represents a 20.7 per cent increase compared to USD 10.33 million recorded in the same period last year.
The Income Tax Act, which provides the legal framework for taxation in the Maldives, came into force on 1 January 2020, with taxation on employment income introduced from 1 April 2020.
Under the law, Maldivian residents are required to pay tax on income earned both domestically and abroad, while non-residents are taxed only on income generated within the Maldives.