Maldives records 7.9% revenue hike; reaches MVR 20.5 billion

The state received MVR 20.5 billion in revenue and grants as of 17 July 2025, reflecting an increase of 7.9 per cent compared to the same period last year, according to the Ministry of Finance’s Weekly Fiscal Development Report.

Tax revenue accounted for MVR 15.7 billion, or 76.3 per cent of total revenue. The increase is attributed in part to changes in tax rates, with green tax collections rising by 95.8 per cent year-on-year. Revenue from departure tax increased by 52.6 per cent, while personal income tax collections grew by 12.9 per cent.

Revenue from airport development fees — which includes both tax and non-tax components — rose by 49.3 per cent over the same period last year. The increase is linked to a 9.6 per cent rise in tourist arrivals to Maldives, which surpassed 1.21 million visitors by mid-July.

Other sources of revenue also recorded growth during the period. These include land acquisition and conversion fees, lease extension fees, and rental income from resorts.

The state has deposited MVR 1.1 billion into the Sovereign Development Fund so far this year, an increase of 50.3 per cent compared to the same period in 2024.

As of 17 July 2025, the government had collected 51.6 per cent of the revenue and grants estimated in the 2025 budget. Meanwhile, the state recorded 39.6 per cent of its total expenditure.