Revenue from TGST, Green Tax hikes by 14.8%

Revenue from Tourism Goods and Services Tax (TGST) and green tax increased by 14.8 per cent compared to the same period in 2024, according to the Weekly Fiscal Development Report released by the Ministry of Finance as of 29 May 2025.

The report states that the government collected MVR 13.0 billion in taxes during the period. Taxes accounted for 78.4 per cent of the total revenue received so far this year. The increase in TGST, green tax, and General Goods and Services Tax (GGST) is attributed to changes in tax rates.

Revenue from airport development fees, which includes both tax and non-tax components, increased by 49.8 per cent year-on-year. This rise is linked to an 8.3 per cent increase in tourist arrivals to the Maldives during the same period.

Total revenue and grants received by the state during the period increased by 5.2 per cent compared to the same period last year. Contributions to the Sovereign Development Fund also increased by 47.1 per cent during the same timeframe.

As of 29 May, the government has received 41.6 per cent of its estimated revenue and grants for 2025. At the same time, 31.1 per cent of the approved annual expenditure has been recorded.

The Ministry’s report also noted that total government expenditure stood at MVR 15.3 billion as of last week, representing a 16.3 per cent decrease compared to the same period in 2024. Recurrent expenditure declined by 2.0 per cent, while capital expenditure declined by 65.5 per cent.