The state’s tax revenue has risen significantly this year, driven by strong growth in taxes collected from businesses and individual incomes, according to figures from the Ministry of Finance and State Enterprises.
Data from the ministry’s regular financial statistics shows that the state collected MVR 26.69 billion in tax revenue between January and 29 October this year.
This marks a 9.07 percent increase compared with the MVR 24.47 billion collected during the same period last year.
Revenue from business and property taxes recorded the strongest growth, rising by 23.78 percent year on year.
The state received MVR 6.07 billion through business and property taxes this year, up from MVR 4.90 billion during the same period in 2025.
Among business taxes, revenue from Business Profit Tax rose to MVR 3.07 billion this year, compared with MVR 2.77 billion last year.
Withholding tax, which is collected from the income of non-resident individuals and unregistered businesses, brought in MVR 1.17 billion, up from MVR 994.7 million the previous year.
Revenue from personal income tax also increased, reaching MVR 430 million this year compared with MVR 398.8 million during the same period last year.
Meanwhile, revenue from other taxes on businesses and property nearly doubled, climbing from MVR 738 million last year to MVR 1.38 billion this year.
The rise in revenue from business income and related taxes reflects the continued growth being recorded by businesses across the country.
The strong tax performance comes alongside rising revenue from airport taxes and fees, which brought in MVR 3.32 billion as of 29 October, an increase of 6.8 percent compared with last year.
With total tax revenue reaching MVR 26.69 billion by the end of October, the state’s income from taxes continues to grow steadily in 2026.
