The Maldives Inland Revenue Authority (MIRA) has reported a significant 17% increase in dollar revenue for January 2025, collecting USD 125 million—an increase from USD 104 million recorded during the same period last year.
According to MIRA’s latest statistics, the largest contributor to the increased revenue was the Tourism Goods and Services Tax (TGST), which generated USD 69 million in January, up from USD 61 million in January 2024.
In addition to TGST, other key sources of dollar revenue also saw an upward trend:
- Departure Tax: USD 7.3 million (compared to USD 6.4 million in 2024)
- Income Tax: USD 28.9 million (compared to USD 16.5 million in 2024)
- Green Tax: USD 7 million (compared to USD 6.4 million in 2024)
MIRA’s overall tax revenue—including both US dollar and Maldivian Rufiyaa collections—reached USD 214 million in January. Of this, USD 125 million was collected in foreign currency, while the remainder was received in local currency (MVR).
The revenue collection for January 2025 exceeded expectations by 5%, indicating a strong start to the year for the country’s tax authority.
The steady rise in tax revenue, particularly from tourism-related sectors, highlights the continued growth of the Maldives’ economy and the effectiveness of tax enforcement measures. The government’s strategic fiscal policies and the robust performance of the tourism industry have played a key role in driving this increase.
With tax collections outpacing projections, the figures reflect a positive economic outlook, reinforcing the government’s commitment to sustainable revenue growth and financial stability.
