Revenue falls 6% in May as tourism-related collections decline

State revenue collected in May totalled MVR 2 billion, a decrease of 5.8 per cent compared with the same month last year, according to the latest figures released by the Maldives Inland Revenue Authority (MIRA).

MIRA's monthly revenue report shows that revenue collections fell by MVR 127 million compared with May 2025. Collections were also 0.3 per cent below the amount initially projected for the month.

According to MIRA, the decline was mainly driven by lower collections from several revenue sources linked to the tourism sector, including Goods and Services Tax (GST), Green Tax, resort land rent and expatriate-related fees.

GST collections fell by MVR 205.2 million during the month, while Tourism Goods and Services Tax (TGST) collections declined by MVR 207 million.

Green Tax revenue decreased by MVR 66.4 million, resort land rent collections fell by MVR 8.8 million and expatriate quota fees declined by MVR 8.6 million.

MIRA said tourist arrivals were 4.4 per cent lower than forecast, affecting tourism-related tax and fee collections.

The authority noted that tensions in the Middle East and the conflict involving Iran contributed to the lower arrival figures.

Revenue collected in US dollars also declined during the month.

According to the report, dollar-denominated revenue totalled USD 89 million in May, a decrease of USD 16.2 million, or 15 per cent, compared with the same period last year.

Despite the decline in monthly collections, cumulative state revenue for the first five months of the year reached MVR 16.4 billion.

Foreign currency revenue collected during the same period totalled USD 749.3 million, according to MIRA.