State Dollar Revenue Surges as Tourism Taxes Drive Strong Monthly Collections

The government’s dollar denominated revenue recorded a notable increase last month, reflecting stronger collections from tourism related taxes and other state income streams, according to the latest figures released by the Maldives Inland Revenue Authority (MIRA).

Data published by MIRA shows that the state collected USD 180 million in revenue during the month, an increase of USD 54 million compared to the USD 126 million received during the same period last year. The revenue comprises earnings from multiple taxes and state fees, signalling improved fiscal inflows at the start of the year.

Tax revenue accounted for the largest share, reaching USD 143 million. This represents a USD 30 million increase from the USD 113 million recorded in January of the previous year, highlighting stronger compliance and higher economic activity across key sectors.

Tourism Goods and Services Tax (TGST) remained the leading contributor to dollar income, generating USD 80 million for the state. The figure reflects a USD 10 million rise compared to the same month last year, underscoring the continued strength of the tourism sector as the backbone of the Maldives’ foreign currency earnings.

Income Tax emerged as the second biggest revenue source, contributing USD 37 million during the month. Additional inflows included USD 18 million from acquisition costs, USD 14 million collected through Green Tax, and USD 12 million from Airport Development Fees.

In overall terms, total state revenue for the month reached MVR 4.4 billion. This marks an increase of MVR 1 billion compared to revenue collected during the corresponding period last year, indicating broad based growth across both dollar and rufiyaa income streams.

The increase in dollar revenue is expected to support the government’s fiscal position, particularly as foreign currency availability remains a key factor in financing imports, infrastructure development and public sector obligations in the Maldives.