Income tax revenue increased by 26 percent in the first six months of 2026, according to figures released by the Maldives Inland Revenue Authority (MIRA).

MIRA said the state collected MVR 2.7 billion in income tax between January and June, compared with MVR 2 billion during the same period last year.

The largest share of income tax revenue came from companies, which contributed MVR 1.3 billion. Private individuals paid MVR 214 million in income tax during the period.

According to MIRA, income tax revenue from companies increased by eight percent compared with the same period last year, while collections from private individuals rose by seven percent.

In May alone, the state collected MVR 234 million in income tax. Businesses accounted for MVR 102 million of that amount, while private individuals contributed MVR 28 million.

Maldives introduced income tax on 1 January 2020 under the Income Tax Act. The introduction of the tax led to the repeal of the Business Profit Tax Act and the Commercial Bank Profit Tax Act.

Income tax applies to businesses, individuals and foreign nationals living in the Maldives. Foreign residents are required to pay tax on both their domestic and foreign income in accordance with the law.