Unpaid dues owed by State-Owned Enterprises (SOEs) to the Maldives Inland Revenue Authority (MIRA) have reached MVR 3.5 billion, according to the tax authority's quarterly report.
According to MIRA's report for the first quarter of this year, unpaid taxes owed by SOEs stood at MVR 3.3 billion by the end of the quarter, while non-tax revenue owed by SOEs amounted to MVR 204 million.
This marks an increase of MVR 1 billion compared to the end of last year, when total unpaid dues owed by SOEs to MIRA stood at MVR 2.3 billion.
While MIRA's report provides the total outstanding figures owed by SOEs, it does not disclose further details regarding which specific companies have defaulted on their payments.
Amount Owed by SOEs to MIRA:
- First Quarter of 2025: MVR 2.2 billion
- Second Quarter of 2025: MVR 2.3 billion
- Third Quarter of 2025: MVR 2.8 billion
- Fourth Quarter of 2025: MVR 2.3 billion
- First Quarter of 2026: MVR 3.3 billion
While several state companies remain in default on non-tax fees and other payments, MIRA actively recovers unpaid funds from private businesses by publicly naming non-compliant entities and freezing their bank accounts.
In its latest report, MIRA stated that it recovered over MVR 2 billion through enforcement measures. Nevertheless, total outstanding receivables owed to the authority continue to rise steadily.
Looking at last year, total unpaid receivables owed to MIRA stood at MVR 10.8 billion at the beginning of the year and grew to MVR 13.8 billion by the end of the year. By the end of the first quarter of this year, that total had further increased to MVR 14.4 billion.
