Maldives revenue hikes 7.6%, reaches MVR 16.5 billion
The increase in revenue has also contributed to a 47.1 per cent rise in contributions to the Sovereign Development Fund compared to the same period last year.
The state budget received MVR 16.5 billion in revenue and grants as of 29 May 2025, reflecting a 7.6 per cent increase compared to the same period in 2024, according to the Ministry of Finance’s Weekly Fiscal Development Report.
Of the total revenue collected, MVR 13.0 billion was generated through taxes, accounting for 78.4 per cent of total revenue. Tax income from the General Goods and Services Tax (GGST), Tourism Goods and Services Tax (TGST), and green tax rose by 14.8 per cent, following revisions in applicable tax rates.
Revenue from airport development fees—comprising both tax and non-tax income—increased by 49.8 per cent year-on-year. This increase is linked to an 8.3 per cent rise in tourist arrivals to the Maldives over the same period.
The report states that the total revenue and grants received during the first five months of 2025 represent 41.6 per cent of the full-year estimate in the approved state budget. Concurrently, the government has recorded 31.1 per cent of the total expenditure for the year.
As noted in the Ministry’s report, the government spent MVR 15.3 billion as of last week, marking a 16.3 per cent decrease compared to the corresponding period in 2024. Recurrent expenditure declined by 2.0 per cent, and capital expenditure dropped by 65.5 per cent.
The increase in revenue has also contributed to a 47.1 per cent rise in contributions to the Sovereign Development Fund compared to the same period last year.
