Maldives records MVR 693 million revenue boost from tax hikes
According to data released by the ministry, government revenue as of Thursday totalled MVR 11.2 billion, marking a 4 percent rise.
The Ministry of Finance has reported an increase of MVR 693.2 million in government revenue, attributed to recent tax changes introduced through the approved state budget.
According to data released by the Ministry on Tuesday, government revenue as of Thursday totalled MVR 11.2 billion, marking a 4 percent rise compared to MVR 10.7 billion collected during the same period last year. The increase amounts to MVR 527 million year-on-year.
The Ministry stated that the growth in revenue was mainly driven by four specific tax adjustments included in the budget. These include:
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Tourism Goods and Services Tax (TGST): MVR 3.6 billion collected, up by MVR 259 million
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Green Tax: MVR 557 million collected, up by MVR 185 million
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Departure Tax: MVR 436 million collected, up by MVR 127.2 million
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Airport Development Fee: MVR 437 million collected, up by MVR 122 million
These four sources alone contributed to the MVR 693.2 million increase in revenue.
Despite the growth in revenue from new taxes, tax revenue from import duties declined. Import duty collections fell by MVR 96 million, totalling MVR 784 million during the period.
Non-tax revenue, however, increased by MVR 581 million during the same timeframe.
The government’s total estimated revenue for 2025, as per the approved budget, stands at MVR 39.8 billion.
